Where are you getting your scores? If vantagescore, wild swings are par for the course. If fico, something else has happened to trigger that much of a score drop. Something that significant could be a derogatory or balances climbing fast. You also can't correlate the score change with the most recent reported change. They rarely line up. There's typically a delay on one side or the other. So, if fico has dropped that much, there's something serious going on. As for your auto loan, your score drop when it closes will depend on if you have other installment loans and how it closing affects the aggregate utilization of those loans.
@BeansandRice wrote:I have been a member of MyFico off and on for about a decade. I just do not understand how my score can drop 46 points for paying down my Synchrony Lowe's card by 1%. $140.00. This card has a credit limit of $22k. It was at 91% utilization and I paid it down by 1%. Meanwhile, adding a $350k mortgage does nothing. In fact, when the Lowe's card hit my report with a balance of $21k, it only dropped my score by 23 points. This game is such nonsense. A good indicator of someone who can handle credit should be their ability and consistency in paying down their debt. Now, you pay your bills, and you get a kick in the backside. I am due to pay off a car loan in May. I'm frightened to see what happens then.
Paying down your Lowes card from 91% to 90% did not cost you a single point in any FICO scoring model. So you need to look elsewhere for the cause of your point loss.
Where are you getting the score from?
Where are you getting your credit report data from?
How and when did you learn of your point loss?
I gotta be honest, it seems there is alot of information missing in your post. First, am account that is at 91% utilization is a horrible marl on your credit. Are you sure that balance has reported previously to your Credit report? Which bureau did you get that info from? What are your total limits, and utilization? Lots more needed to offer any kind of useful advice my friend 🙂
