Term: loans
2 found

Don't lend to friends

By Steve Ely on 3/14/2013

It's better to just say "NO" sometimes . . .

How Does Paying Off a Loan Affect Your Credit Score?

By Steven Shaw on 2/20/2013

How Does Paying Off a Loan Affect Your Credit Score?

With credit playing such a huge factor in your financial future, it’s no wonder we look for ways to maximize our credit scores. One common strategy for building your credit score is to pay off credit card debt. It can give your credit score a nice boost, especially if you’re carrying a large balance.

It may seem logical, then, to assume that the same strategy must apply to other types of accounts — like a car or home loan, for example. And if you follow this theory, paying a loan off early might sound like a great strategy for building your credit score. Unfortunately, you may be making yourself less credit-worthy, according to scoring models.

credit score
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