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If I pay off my truck loan and 2 credit cards off,how much will that raise my score?

by thollis40557 from , California. Feb 27th 2014 Reply


John Ussery MLO: 275504 (JohnUssery)
#887 ranked lender in California - 4 contributions

If you're thinking about buying a house in California then I can tell you exactly what to do to raise your credit report score. I have addtional reports I provide at no cost to prove the results. Give me a ring at (916) 223-1003 for details.California loans only though.Thx,John

Feb 27th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,237 contributions

Paying off the truck may not make a difference, but if the credit cards have high balances (as a % of the limit on the card) paying the balance down can raise the score. How much depends on the overall picture of your credit, you need to work with a lender who can pull your credit and help figure out a plan to put you in the best possible position.

Feb 27th 2014
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Loan originators have access to what if simulators that can tell you the effect that paying balances or what actions to take to raise your credit score.

Feb 27th 2014
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Hello, I have access to these credit simulators and provide the service at no cost to you. I can run an unlimited number of scenarios for you. Also, I can input a target score that you want to reach and my software will tell you if it's possible and how to get your score up to that target. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Feb 28th 2014
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Michele Zelvis (mzelvis)
#12 ranked lender in North Carolina - 13 contributions

There are many variables that go into calculating your credit score, payment history is typically the most important followed by amounts owed. The credit cards play an important role in that they affect amounts owed, length of credit history as well as types of credit. The best way to explain this is by example.If your credit card has a limit of $1000 and your balance is $800 then the scoring model views that in a negative way as you are utilizing 80% of your available credit. On the other hand if your card has a $1000 limit and your balance is $300 then the agencies can view it in a positive way as you are not over utilizing your available credit.Most experts I have spoken with recommend keeping the balance under 50% of your available credit if possible. As that is not always an option it is important to pay down the balance as quickly as possible. Although paying off your truck will lower your debt it may actually have a negative impact on your score if the account is in good standing and has a long history. It is also important to remember that despite the logic of paying off old delinquent debts or collections it may in fact negatively effect your credit score.Ultimately I recommend giving me a call so we can pull your credit and discuss the finer points of your particular situation.Please feel free to contact me at anytime at 919-632-2833. Thanks, Michele

Feb 28th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,623 contributions

It's impossible for anyone here to say for sure since there's so much involved in credit score calculations.. Most mortgage brokers have access to software that can look at "What If Scenarios" and would give you a better idea, but without plugging you into the software, no one here can say how much improvement you would gain.. contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 28th 2014
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