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Question By
Needa916

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Credit score dropped significantly after paying off loans
The Costco Amex card was switched to a Visa, and they closed the Amex card. I paid off 2 vehicle loans. Plus my mortgage company sold the loan as they normally do, to another company, and closed the original loan.

This means the credit card account was closed, no fault of my own. Two paid-off loans were also closed...once again, I didn't close them. My old mortgage company closed the original loan, after they sold it. But my credit score dropped significantly. Should I try to get my credit report corrected?

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It is unfortunate that Costco did not make the change with the customer's best interests at heart.  There are mutiple things they could have done although it appears they failed to do so.  When my bank changed form Mastercard to Visa, my account information remained the same (original date) so I was not impacted.  Your only recourse is to maintain your on time payment history to allow it to return to the state it should be after several months.  Your vehicle loans hurt more as they are now paid off loans.  Your current credit score is based on current credit accounts, not closed accounts.  Thus, they will never age.  They will remain for the duration of the 7 years as a reference to your payment history.

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