Credit Myth #4 – Gain 50 Points on Your Credit Score By Paying Off a Debt When you pay off a debt, it can help your credit score. However, it is difficult to figure out how much it will improve when only one factor is changed, since the algorithms used to calculate a credit score are quite complex. Keep in mind, making one late payment can cause a big drop in score for those who have higher scores, while it may not have a big impact for those with lower scores. Instead of focusing on a certain amount, focus on reducing debt, paying bills on time and disputing any inaccuracies on your credit report. Raising your score requires good financial choices over some time. Go to YourScoreAndMore to try us out for just $1.00 today. Call us Toll Free at 888-387-0890 if you have any questions.
Posted on: Thu, 08 Aug 2013 23:40:03 +0000
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