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Question By
alicefive

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My credit score dropped drastically.
Everything is the same as it has been for the past month except my house loan dropped off. It has been paid for years and with no new activity I guess it finally aged out. I went from just under 700 to 626. And has been that way for two weeks. Could having a paid off account removed from myreport do that much damage? I have no house or car loans, just 3 credit cards that I only have 19% usage on them. Is it a case of not enough accounts open?

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The paid off loan being removed was likely enough to drop your scores this much with the non-fico scoring system used here. I advise that you check your FICO scores to see where they are. It may be wise for you to open a small installment loan that is reported to all three credit bureaus.

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Since we cannot see your credit information, it is not easy to tell why your score dropped.  You could tell if you read the articles on this site so you can learn about credit and how to increase your score.  I can say that a usage over 10% is not helping.

Reply by
alicefive

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I have tried to figure out why this happened using the articles. I have had higher usage in the past on my credit cards but my credit score stayed higher. The only things that have changed is i have a smaller percentage of credit card use and my history of house payments has dropped off. Everything else is the same. When I look at the reasons my score is like it is, I have a "poor" rating for number of accounts open. Everything else is "excellent" and "good" 

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