Credit Score?
I wanted to pay off my credit card, I got a loan through my bank, I guess its an auto loan I had to give them my pink slip. I just want to know that if now that i dont have any credit cards with a balance will my credit score go up? stay the same or go down?
Public Comments
- If you have no revolving accounts your score will go down. Ideally, you will have 3 revolving acounts with very low LTV's (less than 40%)
- Your score would go up..but very very slowly. You do get points for other things besides having credit accounts: Staying in a stable residence for a period of time, staying at the same job for some time etc...but you will not be accumlating fast points as if you had with having revolving accounts with good payment history and low balances. Good luck.
- Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredit.html
- It will go and it will go up a lot. ----------------------------------------------------------------- http://www.bestcreditrates.net
