Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
mickeyd14

0 Contributions
0 People Helped
Drop in credit score after paying an opened account in full, why?
had an opened loan account that was way pass due, however, it didn't say it was closed, I paid the loan off in full, it got reported as a closed account and dropped my credit score 28 points, why did it do this?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2786 People Helped
Most Helpful Response

Helpful to 7 out of 8 people

Because it was closed,  you lost that line of credit.  Now you have less available credit in your bucket.  Your FICO score is calculated this way:  35% payment history, 30% utilization, 15% credit history (how long you've had the account) 10% mix of credit (i.e. credit cards, auto, home) 10% inquiries for new credit.  Hope this helps!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.