Up until last wednesday, I had CC debt, truck loan, boat loan and jetski loan - A pretty good credit mix. I got a bonus from work and paid off all loans except a small credit card balance - I guess this will hurt my scores? I am saving over $1200 a month by doing this, so I thought it was a good thing to do? What do you think?
Finances over FICO.
Financially, zero debt is good.
FICO scoring, algorithm likes to see one open Installment loan with utilization at 8.9% or lower for maximum points. Not knowing your complete credit report, you could possibly loose some points.
Credit scores are between 780-790, have never missed a payment in my life - combined CC CL's arounf 85k, current balance around $4k on one card - thanks for the input I'm not looking for more credit so it's really not the end of the world if i get dinged a bit
Congrats on paying off debt! You will always be better off with no debt. Your fico will be fine in the long run!