Why did my score jump so much?

[Anonymous]

This does not align with the credit simulator at all.

I refinanced a car loan from 15.9% to 5.74%. The new loan is now reporting and the old one has yet to close out.

According to the simulator my score should drop 10 points by adding a new loan.

My scores jumped 20, 25 and 30 points. Is this just inflated until my other loan reports as paid off? And why is the simulator so off?

As always, thanks for any help!

[Anonymous]

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@Anonymous wrote:

This does not align with the credit simulator at all.

I refinanced a car loan from 15.9% to 5.74%. The new loan is now reporting and the old one has yet to close out.

According to the simulator my score should drop 10 points by adding a new loan.

My scores jumped 20, 25 and 30 points. Is this just inflated until my other loan reports as paid off? And why is the simulator so off?

As always, thanks for any help!

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Simulators are seldom accurate, even the one from here. Often the score moves the opposite direction we expect, usually because other changes have occurred that are less obvious, and don't trigger alerts.

[Anonymous]

Thank you Norman. I keep an obsessive watch of my credit (it's actually ridiculous) and I don't know what else would have changed to create this impact. I guess I'll just wait until the 9th which is when the old lender has typically reported and see if I take a dive.

What's the point of a simulator if it is never correct at simulating

[Anonymous]

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@Anonymous wrote:

Thank you Norman. I keep an obsessive watch of my credit (it's actually ridiculous) and I don't know what else would have changed to create this impact. I guess I'll just wait until the 9th which is when the old lender has typically reported and see if I take a dive.

What's the point of a simulator if it is never correct at simulating

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Often a lot of the changes that drive scores upward are "invisible" changes - nothing more than accounts aging and becoming more mature.

[Anonymous]

I hope that's the case and I don't take a dive. I finally reached "Good" Credit on one of my reports. I was so happy to see the YELLOW!!! I should have all but one card report with a zero balance as well this month and will be requesting an early exclusion from TU for a collection account on 6/09/2015. I'm hoping for the best so I can buy a house next April!

Starting scores: EQ 571, TU 574, EX 601 March 2015

Current Scores: EQ: 635, TU 676, EX 645 June 2015

[Anonymous]

Yes, it can be a rollercoaster ride until your reports are fully clean. I'm not gonna see that for another 6 years....

[Anonymous]

I never thought my credit could be repaired. I have a bankruptcy (dismissed), tax lien, a lot of lates and two collection accounts reporting after losing my job in 2010. I know several of those items will be on there for years to come but today I'm doing a happy dance knowing I can at least get a credit card  

Good luck to you Norman and thanks for the support and advice.

[Anonymous]

That's interesting. The same thing happened to me when I bought a new car. Congrats on the increase anyway.