Help me estimate my score after auto loan payoff.

[sjt]

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

[Anonymous]

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

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When I paid off my car loan Iost 30 points immediately. When I paid off my mortgage I lost 60 more.

[sjt]

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@Anonymous wrote:

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

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When I paid off my car loan Iost 30 points immediately. When I paid off my mortgage I lost 60 more.

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Where you under 8.9% utilization prior to the payoff?

[Anonymous]

Well under it.

[Trudy]

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

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As your only installment account you will lose points for not maximizing the credit mix.  But the age old FICO saying, finances before scores so not having that debt is a good thing. 

However, I'm not understanding your statement of not receiving a score bump for being under 8.9% when it seems you were never at that point as you state your loan is at 34%?  Paying your only installment to below 9% UTL should provide a score bump in at least some score model.

EDIT: Seeing who posted this I'm sure you know this but still confused as to when or whether you were ever under 9% to determine there was no gain.

[SouthJamaica]

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

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I don't think you'll lose even that much.

[sjt]

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@Trudy wrote:

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

---

As your only installment account you will lose points for not maximizing the credit mix.  But the age old FICO saying, finances before scores so not having that debt is a good thing. 

However, I'm not understanding your statement of not receiving a score bump for being under 8.9% when it seems you were never at that point as you state your loan is at 34%?  Paying your only installment to below 9% UTL should provide a score bump in at least some score model.

EDIT: Seeing who posted this I'm sure you know this but still confused as to when or whether you were ever under 9% to determine there was no gain.

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What I meant was that since I never got a score bump for being under 8.9%, the loss of points for paying off the loan should not be as severe as other that did receive the under 8.9% score bump.

[Revelate]

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@sjt wrote:

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@Trudy wrote:

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

---

As your only installment account you will lose points for not maximizing the credit mix.  But the age old FICO saying, finances before scores so not having that debt is a good thing. 

However, I'm not understanding your statement of not receiving a score bump for being under 8.9% when it seems you were never at that point as you state your loan is at 34%?  Paying your only installment to below 9% UTL should provide a score bump in at least some score model.

EDIT: Seeing who posted this I'm sure you know this but still confused as to when or whether you were ever under 9% to determine there was no gain.

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What I meant was that since I never got a score bump for being under 8.9%, the loss of points for paying off the loan should not be as severe as other that did receive the under 8.9% score bump.

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Probably around 10 would be my guess, I am a little confounded by flying's datapoints specifically the mortgage one.  Trudy I think prior to F8 any installment loans open or closed counted for credit mix, and I think I have seen some data which showed that but I have never been down to zero open installment loans since I started tracking to really get a good datapoint there to try to isolate credit mix from installment utilization.

Anyway if you are paid ahead on that auto loan and if the due date is ahead too why not just pay it down to a yuppie food stamp or less even without paying it off entirely and taking the 20ish point win if available?

[Anonymous]

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@Revelate wrote:

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@sjt wrote:

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@Trudy wrote:

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

---

As your only installment account you will lose points for not maximizing the credit mix.  But the age old FICO saying, finances before scores so not having that debt is a good thing. 

However, I'm not understanding your statement of not receiving a score bump for being under 8.9% when it seems you were never at that point as you state your loan is at 34%?  Paying your only installment to below 9% UTL should provide a score bump in at least some score model.

EDIT: Seeing who posted this I'm sure you know this but still confused as to when or whether you were ever under 9% to determine there was no gain.

---

What I meant was that since I never got a score bump for being under 8.9%, the loss of points for paying off the loan should not be as severe as other that did receive the under 8.9% score bump.

---

Probably around 10 would be my guess, I am a little confounded by flying's datapoints specifically the mortgage one.  Trudy I think prior to F8 any installment loans open or closed counted for credit mix, and I think I have seen some data which showed that but I have never been down to zero open installment loans since I started tracking to really get a good datapoint there to try to isolate credit mix from installment utilization.

Anyway if you are paid ahead on that auto loan and if the due date is ahead too why not just pay it down to a yuppie food stamp or less even without paying it off entirely and taking the 20ish point win if available?

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My datapoints are true. In fact in today's update I was formally thrown out of the 800-club, with the last of the three bureaus scoring me at 797. F8 looks at TL's from a "how likely is this person to make the NEXT payment?" standpoint. If the loan is paid off, you obviously are not going to make the NEXT payment because there is no NEXT payment, and not making the next payment, whether there is one or not, is an increased likelihood of default, so you get docked for that. Not only that, but not having any Installment debt seems to make inconsequential increases in credit card debt have outlandish effects. I have seen increases of as little at $20 cost me 5-10 points with cumulative CL's of over $50,000 and cumulative balances of less than $500. That means a Util going from 1.0% to1.1% costs me 5-10 points. Since MyFico doesn't tell me what time of day this happened in, I cannot see whether the movement of the tides in the Bay of Fundy had any effect on the score but it would make an interesting thing to analyze.

[Anonymous]

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@Revelate wrote:

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@sjt wrote:

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@Trudy wrote:

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@sjt wrote:

I'm thinking about paying off my auto loan, which is at 34% utilization. The loan was opened on 11/17. It's my only non-revolving account. I obviously didn't get a score bump for being under 8.9%, so I'm thinking the hit to my score will be 10-15 points. Thoughts? 

---

As your only installment account you will lose points for not maximizing the credit mix.  But the age old FICO saying, finances before scores so not having that debt is a good thing. 

However, I'm not understanding your statement of not receiving a score bump for being under 8.9% when it seems you were never at that point as you state your loan is at 34%?  Paying your only installment to below 9% UTL should provide a score bump in at least some score model.

EDIT: Seeing who posted this I'm sure you know this but still confused as to when or whether you were ever under 9% to determine there was no gain.

---

What I meant was that since I never got a score bump for being under 8.9%, the loss of points for paying off the loan should not be as severe as other that did receive the under 8.9% score bump.

---

Probably around 10 would be my guess, I am a little confounded by flying's datapoints specifically the mortgage one.  Trudy I think prior to F8 any installment loans open or closed counted for credit mix, and I think I have seen some data which showed that but I have never been down to zero open installment loans since I started tracking to really get a good datapoint there to try to isolate credit mix from installment utilization.

Anyway if you are paid ahead on that auto loan and if the due date is ahead too why not just pay it down to a yuppie food stamp or less even without paying it off entirely and taking the 20ish point win if available?

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@Revelate I don't think there's a difference between open and closed loans in terms of credit mix in F8 either. Remember the test I did a year or two ago? With CGID and you, I think.