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Paid off car loan, score dropped 80 points!

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Super Contributor

Re: Paid off car loan, score dropped 80 points!

I am surprised that our OP has received new score updates from all those sources so very fast.  In the case of Karma it is not surprising.  The OP can go in and pull fresh scores instantly as long as she hasn't gotten any in the last six days.  But the other sources (especially credit cards) typically take a month or even more to update new scores.


Regardless, if I were the OP, I would sign up for the $1 trial at Credit Check Total.  That will give our OP true FICO scores using the same model (FICO 8 Classic) across all three bureaus drawn at the exact same point in time.

Message 11 of 13
Frequent Contributor

Re: Paid off car loan, score dropped 80 points!

@BrutalBodyShots wrote:

Just be sure to ignore the non-FICO scores.  They seem to be within a few points of your FICO scores currently, which may cause you to [wrongly] believe that this will then always be the case... and if you saw a (say) 50 point drop to one of your non-FICO scores then it would mean your FICO scores would also drop around 50 points.  Be aware though that this is not true at all and no direct relationship/comparison can be formed between FICO scores and non-FICO scores.

Very true. My experience is that Vantage scores are much more sensitive to utilization than FICO. Mine are pretty close now with overall UTI around 10% and no cards over 40%, but when I was at 80% overall and some cards close to 100%, the Vantage scores were 80-100 points lower than FICO.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 129k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 12 of 13
Super Contributor

Re: Paid off car loan, score dropped 80 points!

@Angiel42385 wrote:

Yes - all of the scores from various places are within 4/5 points of each other.


The original balance was $15,000, I paid the remaining $1,900.


I have other installment loans:

Fed Loan: Orig. $32,220 Current : $47,714

Fed Loan 2:  20,500  26,094

Fed Loan 3: 20,500  25,519

Fed Loan 4: 20,500  22,608

Fed Loan 5: 20,500  21,714

Navient: 3,500  2,154

Navient: 3,000  1,721

Navient:  3,061  0

Since you owe more on many of your loans than the original loan amount, the mostly paid down auto loan was probably boosting your score somewhat.  Nevertheless I don't think any FICO score would have received such a drastic point loss from that loan payoff.


Accordingly, you should tell us exactly what reports and scores you are looking at.

Total revolving limits 639500 (558000 reporting)
Message 13 of 13
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