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Question By
jstorrusten

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Paid off one auto loan, opened another. Equifax drops 33 points! Why?
Did I miss something? Is this normal and is there any way to gain those points back? I was looking to purchase a home and lowering my car payments seemed to be a viable option. Bummed out...

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Top Contributor
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It's ok.... Credit usaually dip a bit when you open a new line of credit. Give it a few months of on time payments; and your score should raise a little higher than what it used to be  before the drop.

Top Contributor
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You got a ding for closing an account and another ding for opening a new account (reducing the average age of your accounts). It is only a temporary hit though and your scores will rebound. Also I hope we are discussing FICO scores and not the ones provided here. You will want to watch your FICO scores when preparing for a mortgage.

Top Contributor
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I also want to add that Equifax is the ***** of the credit bureuas, if it doesn't rebound to where you need it to be, find a mortgage lender that pulls Experian or Transunion, if possible. Many may pull all three bureaus though, I am not sure.

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