Secrets to Improve Your Credit Score: credit scoring

Showing posts with label credit scoring. Show all posts

Friday, August 13, 2010

Pay Down Car Loan vs. Pay Down Credit Card Debt

Dear Katrina:

I have been working to improve my credit score by paying down my debt so my wife and I can finally buy a home. Last month we were really excited and proud of ourselves for paying off one of our vehicle loans and have been eagerly anticipating the bump to our scores.

As you suggested, we have been subscribed to Equifax's Credit Watch. The other day we received the alert that the loan had been paid in full. We were surprised and extremely disappointed that there was not a boost to our credit score. We can't understand this at all. We paid off one of my wife's credit cards that was maxed out and it boosted her score almost 50 points.

Why didn't our credit score increase? What did we do wrong?

Mike and Kelly
Atlanta, GA

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