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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!
It depends on what else is on your credit report. If your score is currently depressed only due to high utilization, then paying off your debt should result in a fairly significant bump in score. Here's what else to look at:
If you can give us that information, it'll help with being able to (very roughly) ballpark a score range.
Longest card open is 13 years. I do have some late payments, most 30s. I have 8 credit cards total and 1 car loan. My student loans are Paid Off! No chargeoffs, collections, or leins.
Bank of America: $5500 limit
Lowes: $6800 limit
Home Depot: $9000 limit
Best Buy: $5000 limit
Barclays (Apple card): $3000 limit
Walmart: $1000 limit
CreditOne Bank: $300 limit
Capital One: $2000 limit
Auto loan: Owe $10k
Does that help?
@Anonymous wrote:Longest card open is 13 years. I do have some late payments, most 30s. I have 8 credit cards total and 1 car loan. My student loans are Paid Off! No chargeoffs, collections, or leins.
Bank of America: $5500 limit
Lowes: $6800 limit
Home Depot: $9000 limit
Best Buy: $5000 limit
Barclays (Apple card): $3000 limit
Walmart: $1000 limit
CreditOne Bank: $300 limit
Capital One: $2000 limit
Auto loan: Owe $10k
Does that help?
Yes but we also need to know what you owe on those cards. The Auto loan wont be a problem to pay off as you still have the mortgage (you only need 1 open installment loan to make Fico 8 happy).. Welcome to the board
@Anonymous wrote:
They are all maxes out Easily said!
Ahh big ding Fico wise for maxing out, you most likely will see a good rise in score if no 30 day late has happened recently. You also want to make sure to leave a small balance reporting on 1 card 20 bucks is good otherwise Fico drops score for all revolvers reporting at 0.