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Paid off loan & Equifax score went down 22 points, why?

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Anonymous
Not applicable
‎03-11-2015 04:54 PM
‎03-11-2015 04:54 PM

Paid off loan & Equifax score went down 22 points, why?

Hi all, any idea why that would be?

 

The description on the credit report entry tied to the decrease reads as follows: 

 

  • DESCRIPTION
  • Unsecured Closed or paid account / zero balance Unsecured
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NRB525
Super Contributor
‎03-11-2015 07:15 PM
‎03-11-2015 07:15 PM

Re: Paid off loan & Equifax score went down 22 points, why?

Welcome to the forums.

 

So much more information is needed.

What are your current scores from MyFICO?

What was the history of credit bureau changes over the last month?

Do you have any derogs/baddies/charge offs, lates of any kind, disputes of any kind, BK in your credit file?

What is the age of your cards? How many cards? Credit limits? Open amounts?

How many INQ do you have on your file? How many relate to the last 6 months? Do you have any new CC opened recently?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
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