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Only OPEN and ACTIVE accounts will build your credit score. That line is so important I must repeat it just one more time, only the open and active accounts help build your credit score. That means if you didn't have any open and active accounts at all, you would have a 0 credit score. It doesn't matter if you had paid off auto loans and mortgages in the past. It doesn't matter if you used to have big time credit cards with huge credit limits. Only the open and active stuff counts.
That's not to say that late payments on closed accounts won't still hurt your credit score because they absolutely do. Maybe it's kind of a double standard but I didn't create the rules. Derogatory stuff on closed accounts still hurt our credit scores. We just don't get any credit score points for the good payments that we made accounts that are closed.
Did you know that your credit score can actually go down when you pay off a car loan? How does that makes sense? Throughout the duration of your car loan you are building credit with every payment that you make. You might be getting a pretty large increase in credit score points due to the payment history on your car loan. When you finally pay that car loan off in full you would think that your credit score would go up but no, your credit scores will go down. The scores will go down because only open and active accounts help your scores. Now that your car IS paid off, that account is closed. Now that you've refinanced, that account is closed, that payment history is lost. The account is worth zero.
Learn more.....
If you would like to have on of our credit experts review your credit and show you how you can increase your credit score, call now (877) 254-6900 or (click here).
Recommended Articles about Credit Scores and more:
Only OPEN and ACTIVE accounts will build your credit score. That line is so important I must repeat it just one more time, only the open and active accounts help build your credit score. That means if you didn't have any open and active accounts at all, you would have a 0 credit score. It doesn't matter if you had paid off auto loans and mortgages in the past. It doesn't matter if you used to have big time credit cards with huge credit limits. Only the open and active stuff counts.
That's not to say that late payments on closed accounts won't still hurt your credit score because they absolutely do. Maybe it's kind of a double standard but I didn't create the rules. Derogatory stuff on closed accounts still hurt our credit scores. We just don't get any credit score points for the good payments that we made accounts that are closed.
Did you know that your credit score can actually go down when you pay off a car loan? How does that makes sense? Throughout the duration of your car loan you are building credit with every payment that you make. You might be getting a pretty large increase in credit score points due to the payment history on your car loan. When you finally pay that car loan off in full you would think that your credit score would go up but no, your credit scores will go down. The scores will go down because only open and active accounts help your scores. Now that your car IS paid off, that account is closed. Now that you've refinanced, that account is closed, that payment history is lost. The account is worth zero.
Learn more.....
If you would like to have on of our credit experts review your credit and show you how you can increase your credit score, call now (877) 254-6900 or (click here).
Recommended Articles about Credit Scores and more:
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