What effect does a paid off loan have on score?

[Anonymous]

Just got a score watch alert saying that my husband's cs had dropped by 57 points today!  When I checked it, the only change it shows is a loan that we just paid off.  No lates on the loan, paid as agreed, just came to the end of the payments.  WHY would that cause a decrease?!?

[haulingthescoreup]

Well, if it was his only loan, paying it off would lose some points for loss of credit mix. But not that much!

Go look again and see if EQ managed to lose one or more old closed accounts, or if they changed the description or dates or balances on other accounts.

Equifax appears to have simply lost its mind these days, and I'm trying to be charitable here.


eta: and also, can you post back with the negatives and positives from the previous report, as well as those from the new report? You can learn a lot from that.

Disregard whatever message came with the Score Watch alert. A Magic 8-Ball is more coherent and accurate than those.

Message Edited by haulingthescoreup on 06-29-2009 03:46 PM

[Anonymous]

I'm pulling it now to see what it could possibly be.  This is so frustrating!

[Anonymous]

I just pulled his report and I am more confused than ever.  It's showing a CS that is about 47 points higher than the email I received from scorewatch said it was (even though it showed the 57 point drop when I just logged in to his account).  Is there a big lag time from the report to the scorewatch, and which one is the actual score?  It almost seems like a scam to get people to pay to see their reports.  Has anyone else ever had this kind to issue?

[haulingthescoreup]

Score Watch was down (again) a couple of weeks ago, and now yours is the third similar post I've seen this evening --alert for a drop, but a big gain when the report is pulled and paid for.

I wonder if it's gone wonky again??

[Anonymous]

That's interesting that there were other posts tonight as well.  It about gave me a heart attack and just cost me $25.00 to pull both my reports.  Wonder if they'll reimburse that if there was a weird issue going on with scorewatch?  At least I know it's not just me.  Thanks for  your response!