Paying off a Charge off installment loan. Update

[Anonymous]

Paid off a reminding balance on a charged off auto loan, it hadn't updated since last year. 

Still waiting on it to update but I'm assuming it will decrease my score across the board? 

overall utilization is going from about 85% to 78%. 

what kind of score drop can I expect? How long will it take to recover? 

[Anonymous]

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@Anonymous wrote:

Paid off a reminding balance on a charged off auto loan, it hadn't updated since last year. 

Still waiting on it to update but I'm assuming it will decrease my score across the board? 

overall utilization is going from about 85% to 78%. 

what kind of score drop can I expect? How long will it take to recover? 

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@Anonymous when you say overall utilization, are you referring to aggregate loan utilization?

you won't necessarily see a decrease because the amount owed on delinquent accounts metric in the payment history category will award you points, while you will probably lose some points due to the TPOD (total period of delinquency) increasing.

how it will shake out, I don't know. probably depends on the amount. The higher the amount, the better the chance of an increase, imho. The reason is then it outweighs the increase in TPOD. 

[Anonymous]

Sorry, yes. I'm talking about aggregate loan utilization. 

thank you!  I will definitely update how it plays out when it updates on my report. 

[House2021]

Thank you for offering to keep us updated, I have a car repo I'm looking to payoff too and am curious if it will help at all.

[Anonymous]

Update 

Unfortunately, I won't be able to say exactly what happens with Experian because they haven't updated in over a week now and when it does it will have other data with it but 

equifax was an 11 point gain 

transunion was -4 point loss 

[Anonymous]

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@Anonymous wrote:

Update 

Unfortunately, I won't be able to say exactly what happens with Experian because they haven't updated in over a week now and when it does it will have other data with it but 

equifax was an 11 point gain 

transunion was -4 point loss 

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@Anonymous congratulations!! see you there you got an increase on one already and you were thinking they were all going to be a decrease! Nice to see the increase in EQ and I'm glad that although a decrease at TransUnion, it was very small. 

look forward to the Experian data, even though conflated maybe we can get a little idea out of it, depending on what the other changed were. 

[Anonymous]

Thanks! I'm still a little nervous about Experian especially since they are taking so long but I'm a lot more hopeful about the outcome now. 

Will do another update whenever that happens. 

[Anonymous]

So oddly enough everything reported before the installment loan so here is the date for 

Experian 

fico 8 +3

fico 2 +10. Was very excited about this 

fico auto 8 +28

fico auto 2 + 69

Not sure if the auto scores raised so much because it was an auto charge off installment loan. 

[Anonymous]

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@Anonymous wrote:

So oddly enough everything reported before the installment loan so here is the date for 

Experian 

fico 8 +3

fico 2 +10. Was very excited about this 

fico auto 8 +28

fico auto 2 + 69

Not sure if the auto scores raised so much because it was an auto charge off installment loan. 

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@Anonymous congratulations indeed! that is the amount owed on delinquent accounts Metric kicking in! Awesome gains on auto!