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So when I paid off my car, my only remaining installment loan was a mortgage, and the rest of my accounts were credit cards. That better explains the roughly 15-point drop in my credit score. How ...
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).
When you pay off debt, it seems like a given that your credit score will go up. After all, credit scores are supposed to show your ability to manage debt responsibly. But sometimes the opposite ...
Here are the 10 major reasons your credit score may drop suddenly. You Paid Off a Loan. ... You Didn’t Pay Off Your Credit Card Bill Before the Statement Was Issued.
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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 ...
In most cases, these negative marks will drop off your report after seven years, but certain debts can stick around for up to 10 years — or even longer. ... like paying off credit card balances ...
When a credit card issuer lowers the limit on a card that has a balance, though, the debt-to-credit limit ratio will be inflated and can have a serious negative effect on your credit scores.