Credit score dropped 72 points this week?

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Nai

• June 08, 2021 19:21

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.

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• Official comment

  

  Philip

  • June 10, 2021 14:30
  • Edited

  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:

  • What Factors Affect your Credit Score:

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