Nope, that's not it.
That lease ended and I got new lease, of which that account showed up last week. When the new lease account appeared no credit change. The initial lease account pays off and boom, it drops.
Plus I also have 2 mortgage accounts - both installment type loans.
Plus,just because the lease was paid off and now a Zero balance, that doesn't remove rhe fact that I still have that account with a 36 month of perfect payment history.
Nope, I think FICO is just a random piece of crap sometimes. Same thing about a year ago...I paid off a remaining $500 balance on a credit card and my FICO dropped 20 pts the day that was reported.
Funny, I also had one of my credit cards increase my credit limit by $5,500 ...thereby lowering my credit card utilization from 46% down to 22% and not a single point bump up in my score....so sometimes reacts exactly opposite what the experts say it will do.
They say pay down your credit card balances, lower your utilization percentage, pay off debt, etc....to raise your score.
These 2 instances prove that there is no rhyme od reason sometimes nor any correlation to these principles and what FICO actually does.
Funny, I also use Credit Sesame and Credit Karma....and when that one credit card account that increased my limit by $5,500 those each went up around 40 points. And when my new lease account appeared as the old lease account showed paid off and closed...no change in score.
