Re: Paying off car/credit score
11-26-2012 06:57 PM
Installment loans do not really help with Fico scoring that much. I would say if you could wait - open another credit card and let it report for 6 months to a year whether secured or unsecured. Revolving lines boost fico scores and two to three is where you get maximum score points added - paying of the installment loan will help with how much house you can afford on the mortgage approval, but won't help boost the scores back up to 640.
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