@JcT21 wrote:is such a wild drop like that anywhere near normal?
A part of that drop is possibly due to age... you added another account with the re-fi so may have lost a few extra points due to a lowered AAoA -- unfortunately, that portion of lost points will take some time to come back. The rest of the points is likely from increased aggregate loan utilization which will correct itself once Cap One updates the correct balance. Don't dispute it...just try to be patient. If CapOne has already credited your account internally with the payoff, it probably won't take the full 90 days to show up on your reports... "90-days" is pretty much the go-to timeframe given consumers by lenders when it comes to anything having to do with credit reporting.
I wouldn't worry too much about your existing lenders either -- the drop wasn't due to a anything negative popping up and your scores will begin to recover. Just lie low for a few months - no new apps for the time being.
OP, if the new PenFed auto loan only affected your account by 13 points when it reported the balance, I'm struggling to see how a second auto loan from CapOne, of the same type of borrowing, would result in an additional ~65 point penalty. Typically FICO has the largest impact from the first of a Thing, then as more of that exact same Thing appears, the impact is less, not more.
It's good to follow up with CapOne to see that they are processing / have all the info from the payoff of their loan. I'd hope that it clears up ( goes to zero balance ) on the next statement a month from now.
Are you certain nothing else was reported from another account, something refreshed from the BK?
Are both the loans reporting as the same type of credit product?
Keep us posted, as we are all interested in seeing your score bounce back.
@JcT21 wrote:im seriously score-heart broken at the moment. im 1.5yrs into a very good rebuild. went from 600 to low 700's and aquired some decent cards and credit limits.
last month i was sitting at 700's across the board. 713 experian.
february i bought a new truck, financed via capital one. just a few days later i refi through penfed. saved a fortune. anywho....
penfed just hit my reports and it dropped 13 points. im told that is considered normal and will recover after a few months of payments.
instead of reporting my loan paid off, capital one reported today the full amount. fico now thinks i have 2 auto loans totaling over 75k.
my experian went from 713 last month to 697 yesterday to 635 today. when i check to see what changed, its the double auto loan reporting.
now, do i wait on cap1 to correct the balance or do i dispute the balance and force a correction? should i fear credit line reductions over this temporary drop? ive worked so hard getting my credit lines over 6k and building my scores. this is a gut punch i sure didnt need or expect. is such a wild drop like that anywhere near normal?
any suggestions are appreciated....
Just wait it out, it will correct itself within about a month.
