Paid off $16K+ and penalized

[expatCanuck]

I was fortunate in that two years or so ago, BoA offered me a product change -- the Americard (not all that useful) to the Customized Reward card (more useful).

No new account, no hit to AAoA.

I only use the BoA Travel card for the occasional BT but, at 20 years, you better believe I'm keeping it alive.

[Anonymous]

Credit karma is where the drop registered and when I clicked the "see why" it referenced the last two accounts.  Myfico.com has not shown any drop so far.  All my scores on myfico.com are still 740-760.  

[thornback]

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@Anonymous wrote:

Credit karma is where the drop registered and when I clicked the "see why" it referenced the last two accounts.  Myfico.com has not shown any drop so far.  All my scores on myfico.com are still 740-760.  

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Ah... Vantage 3 scores... they tend to be a bit...volatile.  I wouldn't worry about it too much so long as your FICOs remain in range. 

[coldfusion]

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@thornback wrote:

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Ah... Vantage 3 scores... they tend to be a bit...volitile.  I wouldn't worry about it too much so long as your FICOs remain in range. 

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This.  Vantage 3.0 scores are kind of a canary in a cave - they're notoriously volatile and if there's a big change researching as to what was behind it isn't a bad idea but it doesn't necessarily signal a change of similar scope to FICO or even Vantage 4.0 scores.

[LXRM36]

@thornback now THAT explanation makes sense.  Thanks so much!  I can definitely understand that thinking.

In other news, I mysteriously gained the 9 pts back from EQ today.  🤣

Everytime I start trying to make sense of it all, I just take a step back and keep paying things off.

Always appreciate the helpfulness in this forum!  👍🏻👍🏻  Thank you!

[disdreamin]

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@Anonymous wrote:

Paying off debt can cause an immediate drop in credit score, but it's only temporary! If these were some of your older debts, that could have played a role, but rest assured, your score will see a larger boost than dip with these debts paid off, it may just take a few months.

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Not necessarily, unfortunately. I paid off a couple loans last summer and have not recoup'd those losses. My scores are still down around where they were when I paid off two installement loans and opened one new one.  They have not rebounded at all over the past ~7-8 months. It'll be interesting to see how long it takes them to go back up.