Will Paying Off All My Debt Hurt My Credit Score?

Will Paying Off All My Debt Hurt My Credit Score?

Credit utilization is one reason your credit score could drop a little after you pay off your debt.

Paying off an installment loan, like a car loan or student loan, can help your finances but might ding your score.

That’s because it typically results in fewer accounts.

(That’s not a reason not to do it!

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