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November 6, 2019
Question

Score Drop

  • November 6, 2019
  • 1 reply
  • 0 views

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.

1 reply

November 6, 2019

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