Installment loan payoff

[Billycatbell]

Hello.  I currently have an personel installment loan and a student loan reporting on equifax.  I have 16 credit cards/ store cards at present time.  If I pay off personel installment loan leaving only student loan, will this cause a drop in my score?  Thanks

[aav]

It is likely to drop although having the remaining personal loan may make it less of a dramatic drop. I have a small balance on a student loan that I could easily pay off but I'm only paying the minimum until I pick up an auto loan soon. It's a tough reality, but having a mix of credit is just part of the credit game.

[jamie123]

I agree with aav. You might see a small drop but nothing dramatic as long as you have the student loan reporting.

[Revelate]

That really depends what utilization the SL is likely at .

For reference, I got whacked hard to the tune of 25 points when my auto loan and personal loan closed, when I still had two open personal loans.  

Nothing in the reason codes I've seen regarding student loans, maybe was with Nextgen or something crazy that got discarded like that, so I assume they follow the same rules as personal loans in the FICO 8 model anyway.

[DeeBee78]

I lost 20+ points on all three reports when my previous car loan closed and my new loan didn't show up immediately. Two months later when my new loan decided to show up, I lost a further 10 points for opening a new account. 

Aren't FICO scores wonderful?