Score drop of 32 pts after auto loan payoff!!!!!

[CreditControl]

Soooooo, I am in the process of cleaning up some balances (in good standing) to prepare for a mortgage.  I decided to payoff an auto loan early (despite 0% rate) to eliminate the monthly payment with roughly 7 months left in the original terms.  I get an alert of the updated account paid to $0 and an immediate score drop of 32 pts!  I am devastated!  Did I mention I am preparing for mortgage qualification?

Nothing else occurred on that day of alert (nor the day before or after) and I have student loans and another auto loan in the installment loans category (all in good standing).  

Any insight here?  Anything I can "do"?

[Kree]

Is your other autoloan very new?  I believe scores ignore student loan current balance to original balance, so if the two auto loans are your only accounts being considered, you might have gone from 1 low balance and 1 high balance with a middle average, to 1 high balance with a high average.

That being said. Depending on your mortgage goals,   a lower DTI ratio might be more important than your credit score. So don't worry too much quite yet.

[jamie123]

We need more information to give you accurate advice.

What does your credit profile look like?

Installment loans?

Auto loans?

How many credit cards and their balances/credit lines?

What are your scores and where are you getting them from?

How soon do you plan on apping for a mortgage?

[Anonymous]

OP, if you have another open installment loan, even at high utilization, you should not have received a 32 point drop from paying off an auto loan.

[Anonymous]

Jamie asked some crucial questions.  I am going to take what he said and add a bit more.  The only way we can properly help is if the OP answers them all.

List all your installment accounts (loans, auto leases, financing of furniture at Rooms To Go, etc.).  Base this on your report just prior to the payoff.  Indicate which account was paid off.  Use this format:

Loan 1.  Balance = ____  Original loan amount = _____

Loan 2.  Balance = ____  Original loan amount = _____

Loan 3.  Balance = ____  Original loan amount = _____

etc.

List all your revolving accounts (credit cards, charge cards, LOCs, etc.).  Indicate whether the reported balances have changed and if so how.

Card 1.  Balance = ____  Credit Limit = _____

Card 2.  Balance = ____  Credit Limit = _____

Card 3.  Balance = ____  Credit Limit = _____

etc.

It sounds like you looked at your scores twice (before the loan payoff and after).  What were the scores each time?  When did the two score pulls happened?  What did you use to get the scores?  (Karma, Credit Check Total, myFICO, free scores with a credit card, etc.)  Did they say whether they were FICO 8, FICO mortgage, or Vantage?  (Each of those models might give very different results.)

When do you hope to buy your home?

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