Hello all, I’m a long term lurker and first time poster. Just wanted to share a little bit of info with the community. First thing, first, my credit profile as it now stands:
AAoA 7y 5mo
AoYA 2y 2mo (paid closed Inst)
AoYRA 4y 10mo
AoOA 13y 11mo (=AoORA)
Revol 4 (3 cc 1 loc) Util 3%, AZEO (1 Bankcard)
Inst 1 Auto @ 52%
Inq 0 (2y 2Mo)
Late 1 30d (3y 3mo aged)
Now; on to the point
I recently paid off a personal loan and lost 14 points on my EX8 and 9 points on my EQ8. TU8 has remained stable because it the loan info has not been updated. I thought it was worth noting because I didn’t see any recognized aging related thresholds being crossed. There are only two changes (outside of aging) I have been able to see in my credit profile. First, is that my aggregate installment utilization went from 48% to 52% with the payoff of the personal loan. The personal was at 21% at the time of payoff, so I don’t think I had any extra points from a low loan balance. The second is that I reduced my number of TL’s by 1. The Experian website points to this as the culprit with the cryptic “could help or harm your score” language used in their recent event alerts. Initially I thought that having 4Rev:1Inst ratio would be give me a 0 to 5 point bump across the board. But it appears that was not the case.
For those of you who are interested, here is the breakdown of monthly changes across all my scores the fact that TU loan info didn’t change appears to benefit as ‘quasi’ control group. Notice: Fico 8 models lost points Fico 9 Models gained points Fico 5,4,2 remained stable:
| | EQ | | TU | | EX | |
F 8 | 760 | -9 | 768 | 0 | 753 | -14 |
M 5,4,2 | 790 | +1 | 788 | 0 | 780 | 0 |
AU 8 | 777 | -9 | 792 | 0 | 776 | -10 |
AU 5,4,2 | 810 | 0 | 818 | 0 | 816 | 0 |
AU 9 | 836 | +10 | 825 | +1 | 834 | +10 |
BC 8 | 777 | -10 | 789 | 0 | 770 | -8 |
BC 5,4,2 | 811 | +1 | 821 | 0 | 805 | 0 |
BC 3 | | | | | 774 | 0 |
BC 9 | 825 | +10 | 817 | +1 | 826 | +10 |
F 9 | 814 | +10 | 807 | +1 | 814 | +10 |
Almost forgot, there was a $129 drop in cc balance, still at 3% Agg Util though.
Truthfully, I did stress a bit at first, but after careful consideration of all that I have learned from the forum I realized that I’m better off lowering my DTI than keeping multiple loans on the books. Just thought I’d share a personal experience and some possible data points. Many thanks to the whole community, I’m feel way smarter about credit than I ever thought was possible.
