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How long does it take for credit score to go up in rating after paying off debt?

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16y ago

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What is the difference between credit score and credit rating?

The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing


What is an excellent credit rating?

I would consider anything over 750 score an excellent credit rating 650 score good 620 - 650 score average anything below, needs some improvement by reducing debt and paying on time


How do you improve your credit score to make a rating higher?

An individual's credit score can affect all aspects of life. Having a good credit score, or improving a poor score, can be accomplished by several ways, including paying off debt, never submitting late payments, and not having a high debt to income ratio. http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-weston.aspx


Does paying your car loan on time raise my credit score?

Paying a debt on time improves your credit score if you had previously not been paying on time (or not at all!)


How does paying off a car loan impact my credit score?

Paying off a car loan can positively impact your credit score by showing that you can manage debt responsibly. It can improve your credit mix and lower your overall debt, which can increase your credit score over time.


How does an agreement on a Chase credit card debt settlement offer affect your credit rating?

A debt settlement offer has no bearing on your credit rating or score. It is only an offer, a proposal. Your credit rating is based on how you have paid the debt in the past 7-10 years. Your credit score is a numerical picture of your assessed risk as a borrower, based on the information in your file at the time the score is requested.


How can I improve my credit score by paying off my credit card debt?

Paying off your credit card debt can improve your credit score by reducing your credit utilization ratio, which is the amount of credit you are using compared to the total amount available to you. Lowering this ratio shows lenders that you are managing your credit responsibly, which can positively impact your credit score.


How can I get a higher credit score?

You can take steps to improve your credit score. The number of variables that play into an individual score. Tips on how to raise your credit score and manage credit responsibly, including paying bills on time, paying off debt, and managing credit history.


Does paying off a credit card hurt your credit score?

Paying off a credit card can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.


Does paying off credit cards hurt your credit score?

Paying off credit cards can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.


Will paying off a credit card hurt my credit score?

Paying off a credit card can actually help improve your credit score by reducing your overall debt and showing responsible financial behavior.


How do you improve your credit score to make it?

An individual's credit score can affect all aspects of life. Having a good credit scrore, or improving a poor score, can be accomplished by several ways, including paying off debt, never submitting late payments, and not having a high debt to income ratio. http://money.msn.com/credit-rating/9-fast-fixes-for-your-credit-scores-weston.aspx