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mouse74

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Why did my score go down when a loan was paid off?

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It's likely your average age of open accounts when down when the loan was closed, which will have a negative impact on your score.

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The same thing happened to me when I paid off a large portion of my student loans thanks to teacher foregiveness. It's because while your paying off bills, you're also closing some of your oldest accounts. Average age of accounts plays a large factor in your score.

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