Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
JazzCaligirl12

1 Contribution
6 People Helped
Why my score dropped by 20 after paying off car loan on time for 36months?
Now that I paid off my car loan (36 months and paid on time monthly) in January 2017 made my last payment I noticed it's reported on my credit as "closed". Also, my credit score dropped by 20 points. I am so mad!! Working HARD to get the score up (so I can purchase a home this year 2017) and this drop just now set me back. So my question is, was this supposed to happen, meaning once the car (or any loan) is paid off they the creditor will report it as "closed" (instead of reporting it "paid as agreed")? And 2) is my score supposed to drop too? Forgive me as I am now new to this and as I am now paying attention to the little things and the little details. Thanks and looking forward to your response,

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
8952 Contributions
4125 People Helped

Helpful to 0 out of 1 people

If you have not read the articles here, I advise doing so, since you need to understand how credit works.  20 points is just a 'burp' and is not a major change, especially under the Vantage score system.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.