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Posted in Auto Loans
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marahoney

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I paid off my auto loan 5 months early... why did my credit score go down by 15 points??

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Active loan balances

Mow, I'll try to be of help.  I think this has to do with the balance status of your current ACTIVE loans.  For example, if you had two ACTIVE loans; one for 1000$ which still had a 1000$ balance; another for 1000$ which only had a 5$ balance.  That would mean of 2000$ given to you, you had about 50% of your ACTIVE loans paid off.  After paying off loan number two (5$), it becomes INACTIVE. You now have one ACTIVE loan and your balance on that loan is 1000$ (100%). So this makes you appear to have high balances on all of your current ACTIVE loans.  That is my best way of explaining it. Hope this helps

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Same question!!!

Helpful to 3 out of 7 people

I had the same thing happen and am researching also.  In fact, over the past 5 years my credit score has been on the decline and has gone down over 100 points even though I have only paid off accounts (car, mortgage, etc).  It makes no sense!!!

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