Posted on: 25th Aug, 2007 04:15 pm
How much will my credit score increase with every debt I pay off?
Hi Denise,
Welcome to the forum.
Credit score generally rises with debt payments. But paying off a single debt will increase your score with a few points, probably 10-20 points. So it will not raise your score with a higher margin.
Welcome to the forum.
Credit score generally rises with debt payments. But paying off a single debt will increase your score with a few points, probably 10-20 points. So it will not raise your score with a higher margin.
Credit reporting looks on your credit history as a whole and there are several factors that affect your score. If you payoff your account depending on how big it was it will raise your score but if you late on another debt at the same time it will lower it. Your credit rating is a mathematical value of your ability to mainatain and manage your credit.
You are better off keeping an account open and paying on it and keeping it current if you want your credit score to go up. Goodluck with this, keep an eye on your reports also, file discrepencies as soon as you see something that isn't right. Nothing is worse than working on your credit only to find that someone else is messing it up for you.