In about 3 weeks here I will have the funds to pay off all my debt (credit cards and car). The only debt I will have is my house ($280k balance). In doing so, how will this affect my credit score? Will it drastically go up?
My current score is around 610 (all 3 bureaus). In recent months I have got back on track with paying on time, paying more than the minimums, etc. I would like my score to be over 700 as I am considering selling my house and buying a new one in a year or two.
Also, I do not plan on purchasing any big ticket" items anytime soon (car, appliances, etc.). I have everything I need for the time being. The only thing I will be doing is making minor upgrades to my house but will be paying in cash for those.
Any thoughts are appreciated!
