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Why credit scores can drop after paying off a loan There are several reasons a credit score drops after a debt payoff. Most are related to the type of debt you pay off, how you pay it off and ...
Even so, it was too much to pay in cash, and since this was the era of ultra-low-interest financing, I got a car loan with a sub-4% interest rate. Well, earlier in 2024 I finished paying the loan ...
If you pay off your installment loan, it will vanish from your report and you may be left only with credit card accounts. This hurts your credit mix, so it may temporarily drag your score down a ...
So if you're about to pay off a large loan, your best bet is to focus on the other steps you can take to keep your credit score in the best possible shape. Alert: highest cash back card we've seen ...
Paying off loans early could cause a small dip in your score if you don’t have any other installment loans, like a car loan. However, if you have a healthy mix of accounts, including credit ...
A credit score of 700 or higher is considered good, and a score of 800 or higher is considered excellent. Check Out: 9 Things the Middle Class Should Consider Downsizing To Save on Monthly Expenses
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