Paying Off Debt May Push Down Your Credit Score, But It's Still Worth It. Here's Why
- 5 years ago
Paying off debt and cutting up credit cards feels great! But unfortunately, your credit score may take a hit.
When you pay off an old loan, the average age of your active accounts could drop, and moderately impact your credit score.
According to Business Insider, when you pay off a credit-card balance, avoid canceling the card altogether.
That's because doing so can also affect the length of your credit history.
When you pay off an old loan, the average age of your active accounts could drop, and moderately impact your credit score.
According to Business Insider, when you pay off a credit-card balance, avoid canceling the card altogether.
That's because doing so can also affect the length of your credit history.