Will it increase my credit score if I show that I paid off a

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rzguti

Joined: 29 Jul 2009
rzguti's page
Posts: 1

22 Magic Points

Subject: Will it increase my credit score if I show that I paid off a

Wed Jul 29, 2009 12:44 am

I'm thinking of buying a house but I'm also getting close to paying off my car loan. So I'm trying to find ways to improve my credit score (FICO).

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Wed Jul 29, 2009 10:45 am

Hi rzguti

How much is your score now? Keep paying off your loans on time to improve your credit score. Don't miss any payments and surely your credit score will improve.
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Keep in touch
Carol

James Orr

Joined: 07 Jun 2009
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Posts: 54
Location: Maharashtra

298 Magic Points

Fri Jul 31, 2009 8:04 am

Hi rzguti,

Welcome to our forum.

You must have to pay off all dues of loan. Do not make late payments.

To get help for improve credit score you can find out it on our forum.

http://www.creditmagic.org/knowledgebank/credit-scoring.html

Thanks & Regards.

James Orr
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Secure card will help you to improve credit score faster.

fireyone

Joined: 26 Feb 2008
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Posts: 4285

127 Magic Points

Fri Jul 31, 2009 12:20 pm

rzguti ,
Paying off your loan will help you. When banks are looking at the possibility of lending out money they also go by your debt to income ratio. The less you have owed out will help you. I am not sure how familiar you are with the phrase "debt-to-income ratio" but it is how much you owe out compared to how much you bring in money wise. Having a good credit score and a good debt to income ratio really helps to secure a home loan.

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