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I keep a spreadsheet of my credit scores. Sometime between and September 2 and September 20 both my Experian Vantage 3.0 and TransUnion 4.0 dropped exactly 20 points. FICO 9 also went down but FICO 8 actually went up a few points. I get reports from Chase, Discover, Synchrony, and Wells Fargo.
I've been trying to figure out why the scores went down. We paid off a car loan in June, which I've read can hurt your credit score, counterintuitively, by reducing the "mix" of credit used.
Does it seem reasonable for my scores to drop by 20 points for paying off a car loan? And for it not to hit my score for 3 months? Or should I still be trying to figure out why my scores dropped?
Mine bounces up and down and my guess is it is due to the amount I buy in the month and if I pay the card off before the billing date. I would not worry about it.
Unless you are on the lower end of the credit scale I wouldn’t bother with tracking it or trying to figure out exactly what the cause it because you will actually never get confirmation of the cause. Besides that you are tracking/comparing different models so I’m not even sure what the utility of the data would be
Why worry about a 20 point drop? I know what my credit score is, but I never worry about and don't want to play the old credit score/debt game. Just do what is best for your finances, not what's best for your credit score.
Why worry about a 20 point drop? I know what my credit score is, but I never worry about and don't want to play the old credit score/debt game. Just do what is best for your finances, not what's best for your credit score.
It's more curiosity than worry. But if, like another poster said, the exact cause is unlikely to be pinpointed then I'll be forced to shrug it off.
Although, it is against my nature to just shrug stuff off. Like, the car loan we paid off was through Chase, and I still have an open lease with Chase that I co-signed for my son. So that mitigates against the paid off car loan and lack of credit diversity being the reason for the drop. But, whatever dice the gods throw, I suppose...
Although, it is against my nature to just shrug stuff off.
You know what they say about sweating the small stuff...and that it's all small stuff. A 20 point drop in a credit score is definitely small stuff. Think about it. You'll probably live longer. Even if you don't, you'll probably live more during the time you do have .
You know what they say about sweating the small stuff...and that it's all small stuff. A 20 point drop in a credit score is definitely small stuff. Think about it. You'll probably live longer. Even if you don't, you'll probably live more during the time you do have .
Indeed. The gods have thrown their dice.
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