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Will paying off credit cards and lines of credit raise your credit score



Will paying off credit cards and lines of credit raise your credit score? If so then how long does it normally take to raise your score after all bills are paid?
 
Is it a good idea to pay everything off other than your mortgage and just let that be your credit rating?

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it depends on your present utilization or debt ratio
and
if the cards are reported to bureaus
 
but YES
paying off lines of credit and credit card balances does raise your credit fico beacon emperica vantage score
FAST like instantly
 
 
Paying off or down balances is the NUMBER ONE best most effective way to raise your credit score fast
 
less than 30 days for a score increase on paying off or reducing debts balances reported to bureaus

 

yes
pay off everything OTHER than you home mortgage……
matter of a fact
try to never pay off yor home mortgage….
buy a new house or do something
but a mortgage is the best debt

Posted in Bad Credit Credit Cards, Credit scores, Home Loan.

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