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Posted in Auto Loans
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thetaco

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Closed old auto loan, score went down 68 points?
I sold a car a few years ago that I was still making payments on, paying off the car in full. It remained on my credit report until this month as an open, but not delinquent account. I hassled my financial institution for months to make the change, believing (as they did) that this would help my credit score. Instead it dropped 68 points overnight and I'm totally bummed because my score had been in a constant climb for months.

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You need to learn about how your credit score is calculated.  Any time you close an account it drops your score because of utilization, age of credit and mix of credit.  To learn how your score is calculated, visit www.myfico.com.

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