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Score penalty for paying off PLoan, TF!!!

Yasselife
Established Contributor

Score penalty for paying off PLoan, TF!!!

   Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being  negative impacted [+harm than help]...wrong!

Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points! 
   By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.

054D56E7-7345-40C9-ACA1-39D218E1791C.jpeg

 

6DFC2984-AF8C-429E-AB14-6F56F7042B59.jpeg

Happy new year everyone! 
Finances > Fico scores

6 REPLIES 6
SouthJamaica
Mega Contributor

Re: Score penalty for paying off PLoan, TF!!!


@Yasselife wrote:

   Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being  negative impacted [+harm than help]...wrong!

Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points! 
   By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.

054D56E7-7345-40C9-ACA1-39D218E1791C.jpeg

 

6DFC2984-AF8C-429E-AB14-6F56F7042B59.jpeg

Happy new year everyone! 
Finances > Fico scores


When your car loan is paid down to 9% you'll probably get those points back.


Total revolving limits 741200 (625200 reporting) FICO 8: EQ 704 TU 713 EX 689

Message 2 of 7
Yasselife
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

@SouthJamaica 

I was about to ask that question, thanks for giving me hope.

Message 3 of 7
Yasselife
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

@SouthJamaica 

I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.

Message 4 of 7
FireMedic1
Community Leader
Super Contributor

Re: Score penalty for paying off PLoan, TF!!!


@Yasselife wrote:

@SouthJamaica 

I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.


BINGO!!!!!




Homeowner since Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my experiences after BK from learning here. Started 540's.
Message 5 of 7
Yasselife
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

This morning I checked and see Chase finally posted on EX, regained 15 points out of the 19. Also, stress level has come down :)This morning I checked and see Chase finally posted on EX, regained 15 points out of the 19. Also, stress level has come down Smiley Happy

 

Message 6 of 7
805orbust
Valued Contributor

Re: Score penalty for paying off PLoan, TF!!!

@Yasselife only here would a 741 be a point of stress!  The bureaus LOVE when we're in debt... but nit too much. Nicey-nice.



Message 7 of 7
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