How fast (and much) will my credit score raise if I completely pay off the only debt (car rims)that i have?

Question

Credit cards aren't an issue here.

Answer 1

A catch 22 here.

If you need credit, than you don't want to pay off all of your debt, then your credit score drops.

If you don't need credit, then pay off all debt and go to a cash basis for everything (best bet if one can afford it).

Too much credit and your credit score drops, not enough credit and your credit score drops.l

All lenders look for a good balance of revoloving debt (credit cards) that are paid on time, low balances, and not maxed out, as well as installment loans (cars, mortgages, bank loans) that are paid on time/as agreed.

If they are your only debt, keep it going if you want to keep your score raising.

Answer 2

Are your rims on a credit card type account or was it a loan? If its credit cards,paying them off would help a little bit, but if its a loan, paying them off probably woudn't help much.


If you only have 1 accont on your report, that's your real problem. You need several accounts of different types open for long periods of time to be healthy for your credit.

Answer 3

Your credit score is partially based upon how many consecutive months of payments you have made without being late.. so don't be too quick to pay them off if you are trying to get better credit.. if you don't care about credit score.. pay them off as fast as you can to save money.

Answer 4

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