My paid off car loan finally hit my Ex CR today, and my score dropped 7 pts. to 655??? I know this score is fake, but this does not seem logical...Wait, I am trying to rationalize credit scoring. Forgive me. The paid off loan hasn't hit my Eq CR yet...They are always a day or so behind in reporting.
It may make sense, it depends on your break down of credit. If that was your only installment loan or if it was your only line of credit it could lower your score.
I have 8 other tradelines, including two installment loans which are being paid on time. I have 6 cc accounts which have a total balance of about $100. Anyway, since when does paying off something hurt your score? To me it just doesn't make sense!
