Credit score dropped 72 points this week?
Hello, I paid off my car loan in November 2020 and had a 16 point increase. After months, recently this week, my credit score dropped over 70 points. I know paying off a loan early can decrease your credit score, and wondering if my case is normal. I paid off my loan within a year. I do not have any credit cards, didn't apply for positions to get hard or soft inquiries, or have any recent debts. Just curious to know if a credit score dropping over 70 points after paying off a car is normal? Seems pretty high, but don't have much experience to say otherwise. Thank you for your time.
It sounds like you are doing everything right! However, credit scoring can be a tricky thing to juggle. There's actually a situation of having too little credit. We have a great resource that can explain all of the things that affect your score and help you focus on how to get your score back up:Comment actions
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