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A 50pt fluctuation is wild, like honestly you should look into why. Getting a mortgage didn't affect my score by 50pts...
The -20 probably assumes you're still making the loan payments.
So I checked my history and you're right, over the last 2 years the wildest swings I've had have been +-20, but I also haven't spent wildly on the cards like I used to, not exceeding 50% utilized in this timeframe.
But I think a mortage being a secured loan probably reduces impact too.
(I'm not a banker or finance person, just someone who's watched their score rollercoaster on apps in my less responsible youth lol)
Are you checking your credit score through your bank? My bank offers that kind of thing but it’s not all that accurate. I see mine go up and down Randomly. I paid off loan early and it dropped about ~~10~~ 26 points. It went back up, and is usually always hovering around the same spot.
Edit: actually went down 26 points during the month I paid off some Loans,holy shit
It makes sense that your score went down when paying off loans. I have heard that closing accounts, credit lines, and phone plans do the same too. Supposedly because now theres "less history" of your good credit, or maybe just because of lower credit utilization.
That’s so ridiculous. Either way, it’s back up again but that drop was kind of a shock.
Credit scores aren't just about how likely you are to pay back loans, they are about how much money can be made off lending to you.
Pay off loans early, and the lender makes less money, so your credit goes down.
Closed accounts, inactive accounts, those aren't making anyone else money, so less credit score.
Paying on time is the biggest risk of lending, so it has the biggest impact, but doing things that lose your creditor money can make a difference on the margin.
I’m a bad person for paying off debt! Hehe
50% utilization is still enormous. Mine rarely goes above a few % pts
Some credit card companies will change your credit limit after you make a large purchase, so that no matter now much you pay off, you're always just under your limit.
I've never heard of that happening. That sounds... Fraudulent. However, the idea is to have more than one card (you don't need to use them), so your limit isn't dependant on a single card, especially once that plays idiotic games.