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brs | What if I pay off a 19, 000 loan, I have been a perfect payer on it. Will it raise or lower my credit score? |
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michael.shew@att.net
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Hello,
You credit score may remain the same or increase. It depends on a few factors.
1, Do you have other "trade lines" open? If so, then good, as long as they are below 75% thier limits.
2, How long have you had this 19k loan? If you have a 50% balance or more, and you pay it off. Yes your credit will increase. However, if you have a very small balance, you credit will only fluctuate a little bit.
It all comes down to your other "Trade Lines" or lines of credit. Either, credit cards, Mortgages, car notes. It is all connected.
Before you pay off the 19k, you should look at all of your trade lines and see who has the highest interest rate and what your payments are to that one. Might be a better option to pay off higher interest rate cards, notes and such.
I hope this helps.
Thank You
Michael C Shew
American Street Mortgage
312-376-3760 ext 2208
www.americanstreetmortgage.com |
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drunkviking11
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It will significantly raise your score. |
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Michelle
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As long as you have NEVER been late then if can't hurt your credit score. If you sign up for automatic bill pay with the loaner then that will look better on your credit report... I don't know about raising but it will make it look better... |
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dave m
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First off the creditor has to be reporting your payment activity to a credit reporting agency.
If you pay it off all at once, you'll loose the opportunity to establish that you can pay a debt back over a period of time. You can check your credit report free of charge once each year by going to http://www.annualcreditreport.com (DON'T go to the one on TV: freecreditreport.com -- they enroll you in a monthly program which will cost you money over time. |
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GREG S
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Excellent question. The reporting agencies do not publicize this information. I have been a mortgage broker for 9 years and I have only seen one seminar ever on this. If this is revolving credit, like a credit card, it should raise your score. If you are young and/or don't have much credit, you might gain some points but you should get a history of at least 4 good lines, so you might literally get a loan at a credit union or get a credit card, pay them off soon, and thus show the world you are a good risk.
Your perfect payments will stay on your credit report and it will show as 0 balance, paid perfectly. It would take an hour to discuss these systems adequately, but I sometimes have to do it for my clients who seek mortgages from me.
One thing also: do not close out your oldest credit lines, even if you never use them or carry a balance. You get points for length of time on your oldest active accounts. Tricky, eh? |
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John L
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It will definitely raise your score but it will be far better if it is handled by some debt consolidation company. They will do everything for you and you will be at easy.
To know more you can visit
http://debtconsolidationmanagement.blogspot.com
and
http://geteasyloans.blogspot.com |
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