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Having a diverse mix of credit accounts like a car loan and one or two credit cards that you use and pay off helps you score well in this credit score component. New credit (10 percent).
But, for a short period of time, you may see a dip in your credit score right after you pay off a loan — particularly if it is an installment loan like a home mortgage or auto loan.
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 ...
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Your bank may be willing to refinance your auto loan, especially if your credit score has improved. ... Take time to explore your options because even a 1–2% drop in your interest rate could ...
For those with credit cards, car loans, or personal loans, making sure to stay on top of those payments can be critical to a credit score. Remember, payment history accounts for 35% of a FICO® Score.
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