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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 ...
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 ...
According to FICO data, your credit score can drop by anywhere from 17 to 37 points if you have a fair credit score and a 30-day missed payment is reported. The impact increases with a higher ...
The later the payment (say, 60 or 90 days late), the more serious the damage to your credit score. If you don’t pay up, the credit issuer has the right to send your debt to a collection agency ...
The drop likely comes from the change in your credit mix – say you pay off a car loan and no longer have an installment loan in your mix – or perhaps a change in the average age of your credit ...
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