Does Paying Off A Personal Loan Help Your Credit Score

Paying off your personal loan is also not like paying off your credit card at least as far as your credit is concerned. If you monitor your credit regularly and have made a large payment to a credit card account you may have seen your credit score take a nice little hop after the payment posted. Using a personal loan to pay off revolving credit such as credit card debt can help you improve your credit scores by replacing revolving debt which factors into your credit utilization ratio with an installment loan which doesn t.

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Does paying off a personal loan help your credit score. A personal loan will cause a slight hit to your credit score in the short term but making payments on time will boost it back up and and can help build your credit. The key is repaying the loan on. It can help improve your credit score especially if you re carrying a large balance on your credit cards.

Paying off debt to build credit is a pretty well known strategy. So if you have other types of debt like car or home loans paying off those accounts might seem like a step in the right direction.

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