How to Raise Your Credit Score

Forum|Forum|7 years ago
March 8, 2019
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How do I know what to prioritize in regards to paying off bank loans, student loans, and credit cards in order to have the biggest impact on my credit score? Or should I avoid paying things off in order to increase my Avg Age of Credit?

NCPERSON1

the credit scores are based on proprietary algorithms so hard to predict what occurs. However, I will state this, it is a very expensive proposition NOT to pay off debt on the hope your score rises.

and then what are you going to do with the higher credit score? borrow more money?????????

you will have more money / savings /flexibility if you simply get your financial house in order.

1) pay at least the minimum required each month on each debt so there are no payment blemishes on your credit score. Any blemishes will certainly drive your score DOWN.

2) line up all the debts from highest interest rate to lowest interest rate and plow all the money you can towards the debt with the highest rate. Normally that will be the credit card because the interest rates can be up to 30% if the balance is not paid in full each month. That alone is a quite expensive proposition to pay the interest on the belief it will raise your credit score.