If that was your only installment loan. Then thats about how many pts are lost when its paid off. If you can get into NFCU or PENFED and grab a SSL and pay it down to 8% after the 1st statement. You'll get points back. No HP.
@Diva365 wrote:I'm in the process of buying a house and I need my scores to stay up. Wouldn't paying off a loan with no late history be a good thing?
I would need to know what other intallment loans you have, if any, to be able to tell you why you experienced the score drop.
Most likely, it's got to do with a change in your installment loan utilization percentage, or with getting the 'no open loan' penalty. In either case, you will probably find that your mortgage scores were not affected, or were much less affected, than your FICO 8's.
@AzCreditGuy wrote:
@FireMedic1 wrote:If that was your only installment loan. Then thats about how many pts are lost when its paid off. If you can get into NFCU or PENFED and grab a SSL and pay it down to 8% after the 1st statement. You'll get points back. No HP.
Doesnt this affect age?
Nope. Its still factured into # of accounts (open/closed) and AAoA's with FICO. With Vantage on CK it will affect it there.
@HeavenOhio wrote:@FireMedic1, VantageScore counts closed accounts in its age stats just like FICO. It's the fact that Credit Karma offers the average age of open accounts that misleads people.
@Diva365, which score decreased? As mentioned, the scores used for mortgages will be less affected by this closure.
Ooops. Duh................... Had it backwards with paid collections. 
Thanks for response. yesterday my TU dropped 21pts and today my Equifax dropped 40 UGGGGHHH. I've been working so hard for 3 years 