topic Re: Fico Score in Community Chat

Fico Score

Kalli — Mon, 06 Jul 2026 13:35:37 GMT

I was so happy to pay off my Truck loan in May. Yippee! Did that cause my FICO score go down 31 points?

No other debt. Both credit cards are paid off each month. Sheesh.

Re: Fico Score

beckyb1012 — Mon, 06 Jul 2026 13:39:53 GMT

Congrats and that is how I live my life for many many years, your credit score will be great. I look at mine and just smile since I did so all on my own. You did really great!!!

Re: Fico Score

wagirl — Mon, 06 Jul 2026 13:45:29 GMT

I think---your score will go up again--FICO is weird. Mine is in the high 800s but I have no long term debt, like a house or car so I get dinged for that alot. Hurray for paying off your truck tho!! Major accomplishment!!!

Re: Fico Score

katie1859 — Mon, 06 Jul 2026 13:51:11 GMT

The FICO score works by paying off and spending consistently. It’s also determined by ratio but in order to move the dial you must buy and pay off, as you do this it represents the ability to buy and pay on time.

Re: Fico Score

lynnie61 — Mon, 06 Jul 2026 13:51:53 GMT

It goes up and down. I pay my two credit cards off each month, but if I use more of the available balance it does affect it. I have no debt, and house is paid for, but it's still never at 850. I don't know why.

Re: Fico Score

gidgetgh — Mon, 06 Jul 2026 14:01:25 GMT

@lynnie61 wrote:
It goes up and down. I pay my two credit cards off each month, but if I use more of the available balance it does affect it. I have no debt, and house is paid for, but it's still never at 850. I don't know why.

@lynnie61 - per Google, only 1.76% of consumers reach a top score of 850. It would be extremely difficult to achieve that.

Re: Fico Score

manny2 — Mon, 06 Jul 2026 14:01:49 GMT

Paying off a truck loan can drop your FICO score because the account closes, you lose active payment history, and your credit mix gets smaller. A 20–30 point dip is normal and usually temporary.

Re: Fico Score

gidgetgh — Mon, 06 Jul 2026 14:02:19 GMT

@wagirl wrote:
I think---your score will go up again--FICO is weird. Mine is in the high 800s but I have no long term debt, like a house or car so I get dinged for that alot. Hurray for paying off your truck tho!! Major accomplishment!!!

@wagirl - top FICO score is 850 which is mid 800's.

Re: Fico Score

wagirl — Mon, 06 Jul 2026 14:10:36 GMT

@gidgetgh --ok-- I stand corrected.

Re: Fico Score

I am still oxox — Mon, 06 Jul 2026 14:57:00 GMT

We have an score I have worked very hard to get it there. I would rather not disclose the actual number.

Re: Fico Score

Luvitorleaveit1 — Mon, 06 Jul 2026 15:28:42 GMT

Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.

Re: Fico Score

I am still oxox — Mon, 06 Jul 2026 15:45:29 GMT

@Luvitorleaveit1 wrote:
Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.

@Luvitorleaveit1 If you apply for a mortgage that is consiered

Re: Fico Score

Q-Checker — Mon, 06 Jul 2026 22:53:37 GMT

@Kalli I am happy for the news that you paid off your truck and pay off your credit cards each month! Congratulations! Now, for a piece of unsolicited advice ..... Continue making "truck payments" but, going forward, only make them to yourself in an interest bearing bank or money market fund.That way, when it comes time to buy a new truck/car, the money will be there, and you will not need to pay any interest on a loan. There may be emergencies when you cannot do this but, in the long run, you will save huge amounts of money over the years if you "pay yourself" instead of paying interest on a loan. The money in the bank or money market fund will grow with interest to you instead of you paying it to someone else.

You already met your usual living expenses without the truck payment money; odds are that you can, with a bit of discipline, continue to do so while the "old truck payment" works its magic of compounded interest for you in a safe bank or money market fund

Re: Fico Score

They CallMe MRWILKES — Tue, 07 Jul 2026 06:12:13 GMT

Even if you don't need "new" credit, tracking your score frequently can give clues if you credentials or identity have been compromised.

A sudden large drop in the number can indicate an issue. Someone could be using and compromising your credit.

I check my scores from my bank and American Express at least 2-3 times weekly. The numbers are calculated differently, using different ratios and variables.

You may not care, but someone else could be using your creditworthiness right now.

Re: Fico Score

beckyb1012 — Mon, 06 Jul 2026 16:35:07 GMT

@Luvitorleaveit1 wrote:
Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.

I have not retired yet but am close to the age of doing so even though I have no plans to retire, However I love having a credit score between 800 to 850, it would have made my mother proud.

Re: Fico Score

Lakelife62 — Mon, 06 Jul 2026 16:44:01 GMT

@Kalli wrote:
I was so happy to pay off my Truck loan in May. Yippee! Did that cause my FICO score go down 31 points?

No other debt. Both credit cards are paid off each month. Sheesh.

I believe your car payoff was the cause. Credit scores increase when non- homogenous mix of debt types are present. For example someone with a mortgage and a credit card will have a higher score than someone with only a credit card or two, given the same ontime payment history for both.

In short, the algorithms that determine credit score like you better if you have a mix of secured, unsecured and revolving debt.

Re: Fico Score

Lakelife62 — Mon, 06 Jul 2026 16:43:05 GMT

@Luvitorleaveit1 wrote:
Paid off my car back in December. My score is still very good even though my credit card usage is up but I will be paying them off before the end of 2026. No mortgage either.

Question though what is the benefit of a 800-850 Fico score for older retired adults. I can see for younger adults that are making those first time large purchases.

Homeowners inurance, any type of revolving payment plan you might wan to establish with local vendors, utility services, mobile phone plans, apartment rentals, any kind of lease....many things you will continue to need into old age are priced/denied/approved based on your credit score

Re: Fico Score

SilleeMee — Mon, 06 Jul 2026 16:48:46 GMT

Usually when I pay off a debt, I take on more debt on the same account almost immediately afterwards in order to keep my scores from dipping. Seems to work for me.

Re: Fico Score

Carmie — Mon, 06 Jul 2026 16:53:31 GMT

My husband and I have zero debt. We each have a credit card that we share. On this one we charge groceries and everyday expenses. The balance is always around $3000 to $4000 even though we pay it off 100% each month.

I have a CC in my name only. I use it for personal expenses mostly. I pay this off 100% each month.

My husband also has a card in his name only and uses that for personal expenses...pays it off monthly.

My FICO score is higher than hubby's, even tho we both pretty much have the same debt ratio. Both of us are in the 800's. I have hit 850 many times.

Two months ago, I used my personal card to buy materials to build a deck..I charged thousands. I paid the bill off as soon as it was due. Then, I made another large purchase of a few thousand for outdoor furniture.

My FICO score took a hit downward.

I think it all depends on the " snap shot" of your debt on the day that is examined to get your FICO score. Even though you pay off your debts every month, if you again charge something, your cc is showing an unpaid balance. It looks like your cc's are never paid 100% off.

I have never lost 31 points...maybe 5 to 7. Thirty-one is a lot. I would request a copy of your credit report from all three agencies and check on that.

Re: Fico Score

shoekitty — Mon, 06 Jul 2026 18:35:14 GMT

@Kalli yes, it will go down for a bit. We own our home, cars, everything. We have an Amex, that's about it. We have never made a late pmt. Our credit score is lower than when we owed on our home and car. We had the highest FICO then , (and it still is excellent), but not like when we owed money. I have Experion credit watch and they continually tell me our debt is too low. It would be higher with credit cards. I noticed after the dip in fico after home pay off, it took a few months to build up