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Maleficent658
Level 1
Sep 8, 2019 7:36 PM UTC
Question

Lowered score

I just payed off my student loans, which closed that account. My credit score went down. Why?

    3 replies

    Anonymous_
    Level 15
    Sep 8, 2019 9:51 PM UTC

    In all likelihood, it is only temporary.

     

    See https://www.businessinsider.com/why-credit-score-goes-down-after-paying-off-loan-credit-card-debt

    Anonymous
    Sep 8, 2019 10:56 PM UTC

    how paying off student loans can affect credit score

    https://studentloanhero.com/featured/student-loans-credit-score-how-paying-off-your-student-loans-affects-your-credit-score/

    AdrianG001
    Level 4
    Sep 9, 2019 5:20 PM UTC

    If you’ve recently closed an account, your score might drop. If the account was quite old, then closing it can cause the average age of your accounts to fall. Sometimes your score may follow suit. Closing an old account can also mean you have less credit available overall. If, by closing the account it pushes your credit usage over the 50% level, then it could negatively impact your score.

     

     

    Regards,

    Adrian

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