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ehamilka122

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credit score dropped from 742 to 688. why? no more debit only paid car an credit card off.
Must be a mistake

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Credit score drop

Paying off a car means that the installment loan is now closed.  The reporting history is then closed for the account.  Typically the impact is no where near that dramatic but if it is the only installment loan that can have a larger impact.  Paying off a credit card typically is a positive although FICO has indicated that having some debt (7% of limit) is ideal.

Without seeing a side by side comparison, it's hard to say if there were additional factors which is likely with that large of an impact.  Many changes can be extremely subtle and for an untrained eye, almost impossible to catch.

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