This is What Happens to Your Scores When You Pay Off Your Car Loan!!!

[Carnut]

I was in the 700 club across all CRA's for roughly a day or so and then my paid off car loan hit my reports and back DOWN to the dungeon I GOOOOOOOO!!!!

 

Before Paid off Car Loan:

 

 

After Car loan paid off:

 

 

 

Currently working on getting an Alliant Secured Loan to recoup all these points and then some!

 

Just a temporary set back!

[Konrad2012]

You should get everything back with the Alliant SSL.

 

Implement to $2 trick and youll be in the 710+ range across the board. At that point, you'll get approved for everything income will allow.

[Carnut]

You should get everything back with the Alliant SSL.

Implement to $2 trick and youll be in the 710+ range across the board. At that point, you'll get approved for everything income will allow.

Yep, that's the plan! By the end of this month I will have only my Quicksilver reporting $2 ($17,250 cl) and all others at $0 and the SSL hopefully I can get done and reporting at 9% by the end of November. So come December the scores should be cranking again.

[IndyPoolPlayer]

I noticed the same thing when my car loan was pif'd. About a 15 point drop from the 830s to 815s. That's ok 15 points is worth not having a car payment.

[CreditRepairSoammer]

Very interesting to see how that impacted on your credit score.

[Gypsee]

Quick... Buy another car!

[Chris58]

Doubtful this paid off car loan had the same negative effect on your "Auto Enhanced FICO 08/02" score as it did on your FICO 08 score.

 

There's a lot of different credit scores lenders use to price risk, (and those scores that place value on installment debt history will not forget your Auto loan you paid off).

[Carnut]

Quick... Buy another car!

HAHA, I seriously started thinking okay I need to buy another car HAHA but then I came to my senses...

[Carnut]

Doubtful this paid off car loan had the same negative effect on your "Auto Enhanced FICO 08/02" score as it did on your FICO 08 score.

 

There's a lot of different credit scores lenders use to price risk, (and those scores that place value on installment debt history will not forget your Auto loan you paid off).

Yeah good point. I wanted to get a couple more rewards cards in the next month so the FICO 8 scores are the ones I was trying to pump up for now and after that I will be focusing on getting my mortgage scores higher for my home purchase in June of next year.

 

I wonder how the lack of a open installment loan affected my mortgage scores? I know the scoring model for mortgage scores is similar to FICO 8 so I'm assuming those took a hit too? I just got my 3B report last month so i would have to wait a couple more months to see how the mortgage scores were affected.

 

By the time I get my next 3B report in December I should have the Secure Loan from Alliant done and reporting at 9% util so all scores should be back in 700's and I won't know what kind of affect the mort scores really had, oh well.

[Kat58]

By the time I get my next 3B report in December I should have the Secure Loan from Alliant done and reporting at 9% util so all scores should be back in 700's and I won't know what kind of affect the mort scores really had, oh well.

 

I'm sure you know this already, but you can get a 3B 08 FICO report (no mortgage scores) from CCT for $1. It's a 7 day trial, that actually lasts 10 days. You get a 3B report on day 1 and day 7. You can cancel the day after you sign up, but it stays active for 10 full days. After the 10 days are up, you can sign in and get the same $1 trial offer again. I've been doing this for about a year.

[Carnut]

 

By the time I get my next 3B report in December I should have the Secure Loan from Alliant done and reporting at 9% util so all scores should be back in 700's and I won't know what kind of affect the mort scores really had, oh well.

 

I'm sure you know this already, but you can get a 3B 08 FICO report (no mortgage scores) from CCT for $1. It's a 7 day trial, that actually lasts 10 days. You get a 3B report on day 1 and day 7. You can cancel the day after you sign up, but it stays active for 10 full days. After the 10 days are up, you can sign in and get the same $1 trial offer again. I've been doing this for about a year.

 

I actually didn't know, thanks for the tip!

[disneykid52]

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$2 trick?

Edited October 11, 2016 by disneykid52

[Carnut]

.

 

$2 trick?

https://creditboards.com/forums/index.php?showtopic=544017&hl=+$2%20+trick&page=1

[Konrad2012]

The Alliant trick is reported to have minimal effect on mortgage scores. The $2 trick on the other hand works best with mortgage scores since they are sensitive to utilization and multiple cards with balances.

[Carnut]

The Alliant trick is reported to have minimal effect on mortgage scores. The $2 trick on the other hand works best with mortgage scores since they are sensitive to utilization and multiple cards with balances.

So having no open installment loan would probably have minimal effect as well I assume? I'm still going to go through with the Alliant SSL to help the FICO 8 scores though.

 

Good to hear on the $2 trick because I will need all I can get to try and get my middle mortgage score to 740+ by June.