Paid off car loan / will scores drop?

[IodineNightSky]

I have two installment loans reporting: car loan and BIG school loan.

I just paid off the car loan in full.
Once it reports the only open installment on my reports is my school loan.

My school loan is big / 155k / and is currently in a deferment status (noted in the notes section of the report).

Will my scores drop having paid off the car loan leaving only one installment (in deferment status)?

I have plenty of revolvers reporting so no issue there.

[Anonymous]

Can you tell us the original amount of the car loan and how much you owed the day you paid it off?

[SouthJamaica]

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@IodineNightSky wrote:
I have two installment loans reporting: car loan and BIG school loan.

I just paid off the car loan in full.
Once it reports the only open installment on my reports is my school loan.

My school loan is big / 155k / and is currently in a deferment status (noted in the notes section of the report).

Will my scores drop having paid off the car loan leaving only one installment (in deferment status)?

I have plenty of revolvers reporting so no issue there.

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Some scores might drop a little because by closing out one loan, its original loan amount is removed from the denominator.

[IodineNightSky]

The car loan was originally 17kish and it was 11k when recently paid off.

The school loans, if it matters, were like 145k and have grown to 155k with all the monkey interest they’re killing me on.

[Anonymous]

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@IodineNightSky
The car loan was originally 17kish and it was 11k when recently paid off.

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If your school loan isn't being counted by the FICO algorithm and it was only "seeing" your auto loan, I wouldn't think you'd lose all too much from the closing of the auto loan.  It sounds like you were at about 65% utilization on the loan when you closed it.  At that level of utilization, you weren't seeing nearly the scoring boost that you would have seen had the loan been paid down to below $1500 and you were at a single-digit utilization percentage.  Many members here (SJ is one of them) have reported seeing maybe 20 points of boost come once you get your loan down below 8.9%, where the other ~10 points or so are realized throughout the span between 9% and 100%.  If that's the case for your profile, perhaps you lose around 10 points give or take.