credit score auto loan calculator

Paying off an auto loan makes your score drop?

I just paid off my auto loan, but it hasn’t hit my credit report yet.
When I used one of those what if scenario calculators it said that my score would actually drop points because of it. Is that true? That seems a little backwards to me.

Paying off a vehicle should make your credit score go up if you paid them promptly and fully. You need to have in hand a “satisfaction” which means your loan documents should be returned to you with the word “paid in full” on them with a date. If you didn’t get them then write and ask for them. If no one has turned that into the credit bureau for you you can turn in a copy of the paid in full documents (to all 3 credit reporting agencies) and just say you noticed they weren’t on your report and you’d like them to be. See what they do.

If you didn’t buy your car new or if you bought it at a buy-here-pay-here plae then those people usually don’t report it to the credit bureaus so follow what I said above and provide a copy of those docs to the credit bureaus and see if they will list them (or not).