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So you pay your car loan in full ...

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Super Contributor

Re: So you pay your car loan in full ...

What I'm not understanding though TT is that don't all of your accounts have recent payment information?  I think you have 6 CCs; do you use them all, or do you have some in the SD?  I guess my point here is that if all of your accounts (revolvers, mortgage by default, etc) have recent payment information, I don't get where that reason statement is coming from.  I know all it takes is for 1 event to generate a negative reason statement, like 1 inquiry can cause "too many inquiries" or 1 reported balance can be "too many balances" so do you have 1 account (or more) with no recent payment information and if so, how long has that account gone in that state? 

Message 21 of 23
Frequent Contributor

Re: So you pay your car loan in full ...

Curious.  What would one expect of a FICO gain/loss going from 75% util auto loan to paid off

with no other installment loans?

Message 22 of 23
Super Contributor

Re: So you pay your car loan in full ...

I'd ballpark it around 15 points give or take.  If you were at < 8.9% utilization, you'd be experiencing around a 30 point gain to your score, so you'd expect to lose that full amount when the loan reports closed.  At 75% utilization though, perhaps you were experiencing only around half of the boost points, so I'd estimate your loss would be roughly half when the loan reports closed.

Message 23 of 23
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