I refinanced my car and my new lender updated to Eq. and there was no score change (understandable) Now 2 days later my old lender updates my car loan to $0 and closed and I lose 16 points. If Eq liked 2 installment loans on my report shouldn't I have seen a bump with the second being reported? If it doesn't matter then why did I lose 16 points when the original car loan reported closed?
@DollyLama wrote:What was the utilization on your old car loan? New loan would be at 100% now correct? Do you know the other 2 bureau scores? if so was there a change?
The others haven't updated yet. I was just thinking the same thing about util. It was a fairly new loan so I was still at 95% LTV. I'm surprised that it made a 16 point difference. I'm still working on credit and am focused on next Spring when my Bk falls off so I guess I need not stress over this. Just frustrating 
@Anonymous wrote:I'm not sure there are enough data points out there on high utilization installment loans, but it's I suppose possible that a score drop of that amount could be seen from going to even a 95% loan to a 100% loan, as one has been paid down at least some where the other isn't. I guess you'll know soon enough after a non-100% balance reports after a cycle or two of paying down the new loan. I think more often than not when people refinance they go from a significantly lower utilization percentage to 100%, so a score change such as the one you suggested would seem more fitting relative to what we know about how FICO views an installment loan.
I'm thinking about making an extra princpal payment just to see what happens with my score.
@sarge12 wrote:
@medicgrrl wrote:I refinanced my car and my new lender updated to Eq. and there was no score change (understandable) Now 2 days later my old lender updates my car loan to $0 and closed and I lose 16 points. If Eq liked 2 installment loans on my report shouldn't I have seen a bump with the second being reported? If it doesn't matter then why did I lose 16 points when the original car loan reported closed?
Until there is some payment activity on the new loan, it is likely that the new loan will not be recognised on the credit report, while the paid off loan shows as closed. This could look as if you have no installment loans in your credit mix for a month or so resulting in a rather large drop. It will probably go back up after the first payment shows on the report. When I refinanced my house my credit report showed no active mortgage for about a month.
Thanks for the info! Now I'm going to test all of this out and let it report again after my first payment, see what happens to the score and then maybe do a small principal reduction after that.
My new loan reported before the other loan showed paid. That's what made it confusing. I'll see what happens after a payment posts and it updates with it's first payment history. Then I'll see what happens if I bring the principal down some. It'll be an interesting experiment. I'm in the garden for the next year so it's a good time to mess with the scores a little.
My Ex dropped 17 points this morning. I know what caused that score drop. All of my cc's are currently reporting a $0 balance. Could it be that CCT is showing a balance on a card that is actually now reporting at $0? That would make sense with yesterday's drop on Eq and my card updating on Ex and I would presume updated to Eq also.