2007-01-30 04:47:10 · 2 answers · asked by da_shadow_2000 1 in Business & Finance ➔ Credit
This depends on your situation. For example, if you have no lates, few inquiries, and nothing but debt weighing your credit score down, paying off a decent chunk of that debt will bump your score up fairly significantly.
But if you have a ton of lates and credit card debt, the pay off of debt will have less impact on your credit score.
It really comes down to what is driving your credit score down, and how much credit depth you have. If everything is golden, it's probably just the debt pulling down your credit score.
And if you've got tons of credit history, things like debt will have less impact on your scores. And vice versa.
Learn more at http://www.thetruthaboutcreditcards.com
2007-01-30 05:17:24 · answer #1 · answered by Todd S 3 · 0⤊ 0⤋
There is a lot more to your credit score than just paying off a debt?
How many other debts/credit cards you have.
How you've been paying on them for the past 5 - 7 years. Are you always timely with your payments? etc.
The kinds of credit cards you have.
Here a lot more information about your credit and how you get your score ... http://www.how-is-your-credit.info/
2007-01-30 09:59:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋