Credit Report Points
2010
I paid of three fairly big items on my credit report and my score dropped 20 points! How is that possible?
And there are no other bad items on the report…nothing had changed except that we paid off those three items.
Of the three, only one was paid off early, and none of them were negative. We’ve been very careful to pay everything on time, to get out of credit problems. And the accounts were not closed. I cannot figure it out.
It is actually quite possible for your score to drop after paying off debt.
Your score is partially determined by the ratio of loan balances to total available credit. If these three loans represented (let’s say) 75% of the total combined available credit for those three loans, and you paid them off AND closed the accounts, your available credit just dropped to zero (for these three loans). It is actually better to pay them off and leave them open, provided carrying costs (i.e., annual fees) are not prohibitive.
I would also suggest subscribing to a credit bureau service to monitor precise changes to your credit. They provide you with email alerts any time your score changes. There may have been another item offsetting any possible increase for paying off these balances (such as multiple hard inquiries, if you applied for multiple consolidation loans to pay off these balances).
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