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Repairing credit and raising score?

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Repairing credit and raising score?

Hi all. Ilive this forum. I have 3 accounts that I currently pay on monthly: a mortgage=70,000, student loans=14, 000 and a reg loan=8,200. My my scores are in the mid 550s since i made one late payment on my house. I wrote a letter for that, but i would like some advice. I am paying off my house in october and also the regular loan for 8,200dlrs. I want to know if this will give me a big shot in the arm as far as raising my credit scores? or should i continue paying on the regular loan as well as the student loan. My home is getting paid off because my ex-wife is refinancing in her name. Thanks in advance for the advice.
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Regular Contributor

Re: Repairing credit and raising score?

Paying off debt is always good.
 
However the FICO score is based on numerous things. You will still have installment credit due to the SL, that's good. Suggest you definitely get at least one CC, if not 2-3, use them and keep the UTL below 10%.
6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711
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