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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 ...
After all, credit scores are supposed to show your ability to manage debt responsibly. But sometimes the opposite happens. When you pay off debt, you may actually see your credit score fall in the ...
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 ...
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
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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