Hi all, I just made my last payment (Yippee) on my furniture that I had financed for the last 2 years. I was wondering if this would affect my score any and if so how? Thanks
RE: Will this improve my score Lowering your balances in relation to limits can increase your score however, not immediately. Good for you for paying it off! Getting out of debt is much larger then scoring! You will have less debts, more freedom and be out from under the pressures of debts. Keep it up Momof3! I have been debt free for several years now and I can't tell you how much freedom I have by not writing all those checks every month. Momof3 wrote: ------------------------------- Hi all, I just made my last payment (Yippee) on my furniture that I had financed for the last 2 years. I was wondering if this would affect my score any and if so how? Thanks
RE: Will this improve my score Thanks, yes i feel much better. Now I am going to use that payment money that I used to pay on funiture and double up on my other debt and then continue that until there are down low!
RE: Will this improve my score "Satisfied" installment loans do indeed have a marginal positive effect on your scores, but of much greater importance is your 2 years of timely payments on that trade line. Having a $0 balance and it paid off on schedule would be pretty much worthless if you had, during the course of repayment, 3 30-day lates and a 60-day late.
RE: Will this improve my score Well luckily, I have paid ontime every month for 2 years, no late charges whatsoever!
RE: Will this improve my score Feeling better is good. However, having the discipline to apply the additional money to your credit card debt will be the best step. On a side note, keeping your debt at a manageable level will help your peace of mind and improve your credit. http://www.creditsense.com
