Rebuilding Your Credit

[Ruschak]

Hey Guys and Girls,

I have

[Ruschak]

Sorry I must have doubled posted anyways.

I have an auto loan and a student loan that I think is lowering my credit score.  Right now I have the ability to pay off one of them. I'm 21 and don't have much history when it comes to credit.  How much of a boost do you think I would get if I did pay off one of the loans.  Each loan is around $3500.

Is there any quick way to increase my credit rating?

I'm looking into buying a house and would prefer to have the lowest rate I can get my hands on.

[slyhouse08]

How could these be hurting you???...you can lose points by paying them off...installment loans are not calculated like revolving credit...they don't hurt as much...if your applying for a mortgage...paying them will help your DTI....although...I though if there is less than 10 months of payments left...they ar enot counted into your DTI...

[HappyDays]

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Ruschak wrote:

Sorry I must have doubled posted anyways.

I have an auto loan and a student loan that I think is lowering my credit score.  Right now I have the ability to pay off one of them. I'm 21 and don't have much history when it comes to credit.  How much of a boost do you think I would get if I did pay off one of the loans.  Each loan is around $3500.

Is there any quick way to increase my credit rating?

I'm looking into buying a house and would prefer to have the lowest rate I can get my hands on.

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Not much!!!!  I paid off an auto loan early & my scores dropped 7 points!

revolving accounts (CC) count for about 30 % of your score and installment only 10%