I got my debt to a point where a consolidation loan made sense. 'Paid off' my credit cards, my score jumped 35 points!
Then the loan hit the credit report and my score dropped 40 points. So, my score is now lower than when I started.......
again. you changed the length of your credit history used to determine your credit score.
when you paid off your credit cards you lowered the PERCENTAGE of available credit used doing so. this raises your credit score.
now you opened a new account with your loan consolidation loan. this shortens the length of credit you have in your credit history. this lowers your score.
CONGRATULATIONS on paying off your credit card debts. continue to use credit responsibly and your credit score will rise in not to long.