Houston Credit Expert, Vanessa Perry explains how paying off a house or car reflects on your credit score in the latest episode of “Ask Impeccable” .
Will Paying Off Your House/Car Help Your Credit?
The short answer is no. By paying off a house/car it will not raise your credit score 50-200 points. The credit score can be raised more with less money. This can happen by consulting with a credit professional. Credit experts know exactly how to raise your score effectively. By consulting with a credit expert they can advise you on how to raise your score and save money long term.
Why Is Your Credit Low After Paying Off Your House/Car?
A mortgage and car loan are considered installment loans. Installment loans do not raise your score as much as other lines of credit. Oftentimes people assume that by paying off a large amount on an account that it will raise the score. You may think it is cheaper to do your own credit repair. It ends up being more expensive by trying things that may not work. Save time and speak with a credit restoration company before unnecessary spending. The right company will want to help you save money long term.
Houston Credit Repair
Impeccable Credit Services has been repairing credit and changing lives for seventeen years. With multiple locations we are able to accommodate anyone in person or virtually. Make sure to do your research before choosing a credit repair company thats good for you. Check reviews, and their website. Make sure you feel comfortable with a company before becoming a client. You pay for the kind of service that you will receive. The cheapest option is not always the best choice. If you have any questions regarding your credit please feel free to contact us. We are available 24/7 to accommodate your credit needs. 713-378-1500