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Posted in Auto Loans
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Question By
ScooterPJLucky

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Why did my credit score go down when my car has been paid off.
I traded my car and the dealer paid off the car so why did my score go down.

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Lower open credit

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most likely because the open credit ratio went down.  

Credit scores are a game of numbers based on the credit that you have avaiable to you and the amount you owe on it. When the loan was paid off your available credit went down. If you financed the new car, that new loan should reflect on your credit report in the next month or 2 and should drive your score back up. If there is no new loan, you might consider another line of credit such as a new credit card or 2 or a personal loan.  

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Lower credit school

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Thanks for the feedback.

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