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Saltytacotampa

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Why did my equifax score go down?
So on may I finished paying off my car. I was excited to think that my credit score would go up since I never missed a payment. I always gave more than the amount needed and half of the time I paid in advanced. Today I checked my score(it had been updated on June 4 exactly when my car debt was cleared. ) and it went down 8 points with equifax but trasunion stayed the same with 618! I am really frustrated because I'm trying hard to improve my scare. Since I finished paying my car off I no longer have loans. However I am a cosigner for my brother's car and I do have a credit card... FOR a store, pacsun. Other than that I have nothing. Can someone please explain why it might have gone down instead of up and how to fix it and improve my score. Please help.

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Paying off your loan meant you lost a line of credit, which ups your utilization and lowers the average age of accounts. Both of these lower a score. Some people misguidedly use this as an excuse to take longer to pay off their loans but, obviously, this isn't a smart idea as it means you pay more interest. A single card means you have a very thin file, and store cards usually have low limits. This means that even making small purchases on them results in high utilization. 

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