Why Your Credit Score May Drop After Paying Off a Personal Loan
Be Wealthy & Smart
Linda P. Jones
4.8 ā¢ 883 Ratings
šļø 13 October 2021
ā±ļø 8 minutes
šļø Recording | iTunes | RSS
š§¾ļø Download transcript
Summary
Learn why your credit score may drop after paying off a personal loan. Personal loans and credit cards are treated differently from a credit or FICO perspective. Learn two tips how to easily improve your credit score.
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Transcript
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| 0:00.0 | Be wealthy and smart, episode 943. |
| 0:03.0 | I'm gonna live no rich life. |
| 0:06.0 | Rich life. |
| 0:08.0 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.7 | yeah I'm full of time I'm gonna live a good life I'm gonna live the good life |
| 0:21.1 | a few and glorious life Step into a world of wealth of wealth and financial freedom without budgets, boredom or bosses on |
| 0:31.3 | be wealthy and Smart. |
| 0:34.0 | And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. |
| 0:39.6 | I'm Linda P. Jones, America's Wealth Mentor, |
| 0:42.0 | Empowering Women and Men Worldwide to Financial Freedom. |
| 0:45.2 | On today's show, we're going to talk about why your credit score may drop after paying off a |
| 0:50.4 | personal loan. It doesn't really make sense intellectually that your credit score may drop |
| 0:56.6 | temporarily when you've paid off a personal loan. But we're going to find out why personal loans |
| 1:01.7 | are just a little bit different than credit cards |
| 1:04.5 | and what it means to your credit score. |
| 1:07.2 | This article comes to us from CNBC and it was written by Jasmine Suknanin. |
| 1:13.2 | And it says, paying off a loan |
| 1:15.2 | can feel like a weight off your shoulders, |
| 1:17.1 | especially if carrying debt makes you uncomfortable. |
| 1:20.0 | But there are some other benefits |
| 1:21.6 | to focusing on paying down debt, like improving your debt to income |
... |
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