credit score question
Date: Wed, 06/09/2010 - 12:17
Is it better for your credit score to pay off 2 credit cards totaling $25000 or one unsecured line of credit totaling $25000? Can anyone explain how that works?
Quote:Originally Posted by AnonymousIs it better for your credit
Quote:
Originally Posted by Anonymous Is it better for your credit score to pay off 2 credit cards totaling $25000 or one unsecured line of credit totaling $25000? Can anyone explain how that works? |
Its hard to say what the effects would be since credit score doesn't depend on a single factor.
The credit score is determined taking each of the factors- credit repayment history, length of the credit report, debt-to-credit ratio, number of inquiries etc., into consideration.
You might not even see an immediate change in your score either but eventually your score would improve, provided the other factors too remain in good stand.
