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
hschoneb

0 Contributions
0 People Helped
I paid off a loan and my credit score plummeted by more than 50 points.
It's probably because it posted as a closed ccount. Can I challenge this and request that it be posted as a paid off loan instead of a closed account? If so, how would I do that?

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
1035 Contributions
178 People Helped

It does not matter if the account is closed or paid loan, the fact is that the account is in fact paid and closed.  The decrease in your score is because it is no longer a current running line of credit.   Your credit report only carries active accounts.   When it was paid, and closed, the average age of your current accounts changed.  The line of credit also reduced your overall.   Accounts only count for you as long as they are active.  

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.