Community Chat

[Kalli]

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.  

[beckyb1012]

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!!!

[wagirl]

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!!!

[katie1859]

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.

[lynnie61]

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.  

[gidgetgh]

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@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.  

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

[manny2]

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.

[gidgetgh]

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@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!!!

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

[wagirl]

@gidgetgh --ok-- I stand corrected.

[I am still oxox]

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