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Posted in Auto Loans
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Capitals30

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Auto loan removed and my score dropped 122 pts! Anyone else have this happen to them?
My wife and I had a auto loan together and we just recently traded it in for a new vehicle and this time we just put it under her name. The auto loan just came off of my credit report and it dropped 122 points. I am assuming it's because of the auto loan removal, nothing else has changed on my credit. Is this common though for anyone else?

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It is commone for score to decrease when you have a loan which is paid off.  Not knowing what other items are on your report, you see the drop because your average age of accounts decreases as well as the number of creditors as well as types of credit.   Just ensure that it is reflected as paid and closed and that there was no missed payment reported as the new loan may not have been timely in paying them before a payment was due.

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