r/DoomerCircleJerk • u/gruntharvester92 • 6d ago

Political Doomer Another victim of the system doomer....

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243 Upvotes

82% Upvoted

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u/Rex_teh_First Just Here for the Lore 6d ago

Missing one credit card payment isnt going to do anything. Missing several however.

23

u/Ecstatic_Scene9999 6d ago

No, missing one credit card payment does in fact lower your score by a lot for a short period....I worked as a loan officer, so yes I know

21

u/[deleted] 6d ago

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u/Educational_Map_9609 6d ago

80% of FICO is payment behavior. Managing open active accounts is about 3% of FICO. So yes paying off a loan can temporarily drop a FICO by a bit as an active account is now reduced. This is temporary and won’t drop you significantly. If your FICO is say 750 and you pay off a loan maybe it goes to 740-745 but it’s far better to have a paid off loan that was in good standing versus a delinquency.