I am NOT a credit score exprt, but anytime you pay what you owe it looks good.Anything positive helps a bad score. Good Luck and congratulations on the payoff.
It may not help your credit score, but a friend of mine had a repossession through Ford Motor Company several years ago. He then filed for CH 7 protection and received a discharge. When he went to purchase another vehicle, Ford contacted him. They agreed to give him a loan on the car he wanted to purchase and added the other debt on top of it. It is one way of getting another car.
Using credit cards is essential for building your credit, but mishandling them can cost you a lot of money. You can wind up paying a large amount of interest. That can lead to a mountain of debt. To avoid these issues, here are some tips on paying your credit card bills. When it comes to paying credit card bills, it is best to pay your balance in full. Most credit cards have a grace period for purchases. This is usually around 25 days. If you pay your balance in full every month within that period, you will never have to pay interest. This is also good for your credit report. If you pay your balance in full every month before the bank reports, you will always have a zero balance on your credit report. That will boost your score significantly. If you can't pay your balance in full, always pay more than the minimum. The minimum payment is designed so that the credit card company can capitalize on your interest rate. Sure, paying the minimum keeps you in good standing. However, it also means you are paying lots of interest. Always pay as much as you can so that you minimize how much interest you pay.
paying off a loan early is not considered a good thing by lenders because it means they lose interest income from you. It is not a bad thing, either, but it isn't better than paying off the loan on schedule. There is no real credit score boost for paying off a loan early. The boost comes from the fact your total debt is lower and that you have no delinquencies or derogatory events.
The easiesta nd quickest way to build your credit is to get a low interest credit card from your bank and make a few purchases, then pay them off within the alotted time frame. This will show that you are reliable and have sufficient income. Also, you will not have bad credit if your card balance is less than 50% of your total avaailable credit. Example: if your credit limit is $2,000.00 and you only have an outstanding balance of $999.00 or less, your credit is ok.
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