@Anonymous wrote:I just bought a new car and paid off my old car loan. Never had a late payment once, car is now paid in full and my score went down. Anyone know why?
Installment loan utilization is apparently a thing under the FICO 8 model that virtually all FICO monitoring is based on, so is not having an installment loan at all apparently.
So in your case, you closed the prettier installment tradeline by paying it off, and opened up a brand spanking new one at maybe one payment into the 3 or 5 year term give or take. As you pay it down your score will improve, may be an 80% line based on some very rough data, but in any case a drop in your scenario is expected.
