I paid off both of my auto loans and lost 40 points.

[tireredsquare]

I dont have time to post a screenshot of the alert but yes, I lost 40 points on EX for paying off both of my car loans.

 

I now have 3 paid car loans.

 

 

 

Thanks for nothing EX.

 

Edited February 3, 2017 by Shane

[lifehackmom]

I have no idea how that could happen but I'm sure someone will probably come along more knowledgeable then me that will know.

[illusemycreditcard]

This is a FICO 08 or FICO 9 model score, correct? These scores benefit from having open installment loans paid to under 10%. If your installment loans are fully paid off, you lose that. However, this is part of the core FICO 08/9 algorithms, so the same effect should be visible on your Equifax and TransUnion scores.

 

Also, you may already know this, but be aware that MyFICO update triggers are not good indicators of items affecting your scores. There are events that affect your score but do not trigger an update, and there are events that do not affect your score but trigger an update. You may have lost some of the 40 points for reasons other than the loan being paid off.

[cv91915]

No open mortgage reporting, and no other installment loans?

[tireredsquare]

No open mortgage reporting, and no other installment loans?

 

None.

 

So far this has only happened on EX.

 

The loans were on all 3.

 

Time will tell.

[cv91915]

 

No open mortgage reporting, and no other installment loans?

 

None.

 

So far this has only happened on EX.

 

The loans were on all 3.

 

Time will tell.

 

 

You're going to see a hit on all three. That's what happens when you have no open installment loans.

 

Read this: https://creditboards.com/forums/index.php?showtopic=576354for an inexpensive way for a score rebound.

 

I wouldn't bother suggesting that if your scores were in the 800s, but with your current scores I think it would be wise, and it costs almost nothing to have an installment loan reporting.

[hegemony]

congrats on the payoff!!!

 

FWIW, open credit mix is a major FICO factor.

 

but... not having payments matters more for your financial strength.

 

I have no open installment accounts and will not open one just for the sake of FICO.

[tireredsquare]

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

[insolent1]

I'd gladly trade the 40 points for no more auto payment.

[Kat58]

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

 

Have you checked your reports thoroughly lately, like in the last few days? You may have received some major AA, since that late hit your reports.

[tireredsquare]

I will be able to use the cash I had used for the car payments to pay down my UTIL so I will see if I get the points back.

 

It sucked because the yesterday I received a 5 point increase on EX and I thought things were looking up.

[tireredsquare]

 

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

 

Have you checked your reports thoroughly lately, like in the last few days? You may have received some major AA, since that late hit your reports.

 

 

I have the FICO Ultimate 3B subscription and I have not had any AA alerts.

 

My most recent 30 day hit one year old on 2/1 but I do not think that would have killed my score.

Edited February 4, 2017 by Shane

[Kat58]

 

 

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

 

Have you checked your reports thoroughly lately, like in the last few days? You may have received some major AA, since that late hit your reports.

 

 

I have the FICO Ultimate 3B subscription and I have not had any AA alerts.

 

My most recent 30 day hit one year old on 2/1 but I do not think that would have killed my score.

 

myfico and their alerts suck... you should check with CCT, or some other place.

 

I thought you had a late pay 12/2016 that dropped your scores? (per your siggy)

[tireredsquare]

 

 

 

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

 

Have you checked your reports thoroughly lately, like in the last few days? You may have received some major AA, since that late hit your reports.

 

 

I have the FICO Ultimate 3B subscription and I have not had any AA alerts.

 

My most recent 30 day hit one year old on 2/1 but I do not think that would have killed my score.

 

myfico and their alerts suck... you should check with CCT, or some other place.

 

I thought you had a late pay 12/2016 that dropped your scores? (per your siggy)

 

 

I started paying attention to my credit (like a hawk) again in Dec 16, hence my sig.

 

I checked my report with USAA and it was not updated but it did tell me that if I paid off my installment loans I would get a 34 point increase.

[Kat58]

 

 

 

 

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

 

Have you checked your reports thoroughly lately, like in the last few days? You may have received some major AA, since that late hit your reports.

 

 

I have the FICO Ultimate 3B subscription and I have not had any AA alerts.

 

My most recent 30 day hit one year old on 2/1 but I do not think that would have killed my score.

 

myfico and their alerts suck... you should check with CCT, or some other place.

 

I thought you had a late pay 12/2016 that dropped your scores? (per your siggy)

 

I started paying attention to my credit (like a hawk) again in Dec 16, hence my sig.

 

I checked my report with USAA and it was not updated but it did tell me that if I paid off my installment loans I would get a 34 point increase.

 

OIC.

 

Apparently, USAA also sucks

 

ETA - This is the thread that made me think your late was recent...

https://creditboards.com/forums/index.php?showtopic=581225

Edited February 4, 2017 by Kat58

[illusemycreditcard]

I checked my report with USAA and it was not updated but it did tell me that if I paid off my installment loans I would get a 34 point increase.

If I'm not mistaken, USAA offers credit tracking with VantageScore 3.0, whereas you're looking at a FICO 08 score.

[tireredsquare]

 

 

 

 

 

I read through the installment trick so I expected a 25-30 point drop.

 

I have not seen where anyone lost as many points as I did. Maybe I lost that many because I paid off two loans.

 

Have you checked your reports thoroughly lately, like in the last few days? You may have received some major AA, since that late hit your reports.

 

 

I have the FICO Ultimate 3B subscription and I have not had any AA alerts.

 

My most recent 30 day hit one year old on 2/1 but I do not think that would have killed my score.

 

myfico and their alerts suck... you should check with CCT, or some other place.

 

I thought you had a late pay 12/2016 that dropped your scores? (per your siggy)

 

I started paying attention to my credit (like a hawk) again in Dec 16, hence my sig.

 

I checked my report with USAA and it was not updated but it did tell me that if I paid off my installment loans I would get a 34 point increase.

 

OIC.

 

Apparently, USAA also sucks

 

ETA - This is the thread that made me think your late was recent...

https://creditboards.com/forums/index.php?showtopic=581225

 

 

I guess NFCU released they screwed up because a month after that reported (reported as late) NFCU report that the account was in good standing and the late disappeared.

 

 

[TheVig]

Just look on the bright side. You have something most of your friends and neighbors don't have.......no car payments.

[Big Bear]

Already stated, multiple times above, but congrats on the payoff and no more auto payments! That's a huge win for finances, and even as you pointed out those funds can benefit you in other uses (utility pay down, etc).

 

I also agree with your scores being in the 600s you can benefit from an installment loan, such as the 'Alliant trick'.

 

Even with the ding, keep your head up as that is a huge financial milestone. FICOs will eventually follow.

[Konrad2012]

If there is nothing else going on with your reports, then doing the Alliant Shared Secured Trick should gain all of your points right back. There's a massive difference between between mid-600's and 680. Once I got back to 680 the doors all started opening up. Once I got to 700 no one cared about old tax liens or 6 year old mortgage lates.

[cv91915]

If there is nothing else going on with your reports, then doing the Alliant Shared Secured Trick should gain all of your points right back. There's a massive difference between between mid-600's and 680. Once I got back to 680 the doors all started opening up. Once I got to 700 no one cared about old tax liens or 6 year old mortgage lates.

Plus several million.

 

In 4-5 years we'll be out of mortgage debt (and we have no other open installments), and at that time I'll gleefully trade my 850 FICO for an 810-820.

 

If my scores were in the low 6s I would absolutely open one of these secured installment loans and have it reporting before the last mortgage reported a $0 balance.

[tireredsquare]

EQ reported today and I lost 46 points.

 

 

[mendelssohn]

Congrats!!!

 

Good financial decisions trump FICO.

[Kat58]

EQ reported today and I lost 46 points.

 

These high score loses don't jive to me. Paying off 2 installment loans is irrelevant, only 1 counts as far as FICO is concerned. Your reports are not clean (1 year old, 30 day late, etc.). Something else is going on.

 

P.S. - myfico sucks!