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Score penalty for paying off PLoan, TF!!!

Yasselife
Established Contributor

Score penalty for paying off PLoan, TF!!!

   Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being  negative impacted [+harm than help]...wrong!

Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points! 
   By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.

054D56E7-7345-40C9-ACA1-39D218E1791C.jpeg

 

6DFC2984-AF8C-429E-AB14-6F56F7042B59.jpeg

Happy new year everyone! 
Finances > Fico scores



6 REPLIES 6
SouthJamaica
Super Contributor

Re: Score penalty for paying off PLoan, TF!!!


@Yasselife wrote:

   Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being  negative impacted [+harm than help]...wrong!

Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points! 
   By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.

054D56E7-7345-40C9-ACA1-39D218E1791C.jpeg

 

6DFC2984-AF8C-429E-AB14-6F56F7042B59.jpeg

Happy new year everyone! 
Finances > Fico scores


When your car loan is paid down to 9% you'll probably get those points back.


Total revolving limits 693500 (600500 reporting) FICO 8: EQ 716 TU 729 EX 697

Message 2 of 7
Yasselife
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

@SouthJamaica 

I was about to ask that question, thanks for giving me hope.



Message 3 of 7
Yasselife
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

@SouthJamaica 

I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.



Message 4 of 7
FireMedic1
Super Contributor

Re: Score penalty for paying off PLoan, TF!!!


@Yasselife wrote:

@SouthJamaica 

I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.


BINGO!!!!!






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 5 of 7
Yasselife
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

This morning I checked and see Chase finally posted on EX, regained 15 points out of the 19. Also, stress level has come down :)This morning I checked and see Chase finally posted on EX, regained 15 points out of the 19. Also, stress level has come down Smiley Happy

 



Message 6 of 7
805orbust
Established Contributor

Re: Score penalty for paying off PLoan, TF!!!

@Yasselife only here would a 741 be a point of stress!  The bureaus LOVE when we're in debt... but nit too much. Nicey-nice.



Message 7 of 7
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