Re: Score Drop

My score dropped over 100 pts since the last time I checked! I have a very good income for my age group and a DTI of less than 3%! The only thing that changed is I payed off a car loan. Why would it make THAT much a of a negative impact on my credit score? Or is there an error on my report? Will my score recover quickly.

posted

Paying off a loan can cause your score to drop but it should not be that severe and should be temporary.

https://www.experian.com/blogs/ask-experian/why-did-my-credit-score-drop-when-I-paid-off-a-loan/

If you experienced a huge drop for which you cannot account, you should get your credit reports (free from the link below) and review them for any inaccuracies.

https://www.annualcreditreport.com/index.action