@jotevin wrote:
Hello Forum! Thank you for allowing me to be a part. I was able to pay off some debt, 16,649.00 in credit cards, student loan,conns,and I also paid off my car loan at 17,600. Very high interest rate. The question I have is how is this going to affect my fico scores. I hope it will bring my scores up. Also I have two first premier cards I want to close. Should I do that now? Thank you all for your help! I'm in a credit learning process.
You'll have to provide more detailed infomation:
- the credit cards: how many do you have and which ones are they (you don;t want to drop high quality cards), what was the utilization on each prior to the payments and what is it now on each, include the first premier cards (we can figure out the overall from that) (knowing how drastic the drop in utilization is prior to and after the payments is important)
- student loans, car loans, etc: having installment loans can be a good thing and there can be a drop in your credit score once fully paid off, are they fully paid off or are balances remaining - list out what's left and the balance
- why do you want to close first premier cards? (it'll be easier to offer advice on this once we have a list of all your credit lines - if you don't have many, you may want to keep them, if they have the highest credit limits you may want to keep them as it will increase your overall utilization if you drop them, how old are these two cards - this age goes towards your AAOA (average age of accounts), something that is better the older it is and while you won't loose that age if you close them they will stop adding to the AAOA as you move forward.
These are all factors that need to be taken into account.
796 TU FICO 08 (08/2018)
758 TU FICO 08 (01/12/2016)
753 TU FICO 08 (11/21/2015)
740: EQ Score Power (Beacon 5.0) FICO 04 (01/23/2015)
755 TU FICO 08 (01/21/2015)
652 TU Lender Pull (06/10/2014)
665 TU FICO 08 (05/21/2014)
Goal: 800+
