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DebbKat

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Why did my credit score drop 107 points when I paid off my car loan??!!
My credit scre was over 730 when I paid off my car loan. Now I cannot refinance my home to these record low rates because the car payoff knocked 107 points off my score!!!! What kind of reward is that??!!

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It is normal for scores to drop when paying off and closing loans. Open and active accounts is what builds and maintains good credit. That big of a drop is pretty bad though, I advise checking your FICO scores to see where they are, I don't think they would have fallen by that much. Be sure you spend some time everyday to read about credit, you need to know how the game works in order to win at it.

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