How much does your credit score increase when you pay off an auto loan?
The last time I viewed my credit report, it did not have my auto loan as paid off. I had paid it off about a week before my credit report was pulled. Does anyone know how much that will increase my credit score? My FICO score was 545 and I am wondering if it will increase significant enough to be considered for a home loan. I know the score is pretty low, but you never know with the housing market today.
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To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score<!–you’ll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.
http://badcredits.awardspace.com/creditscore.htm
In order to improve your credit score, it’s important to know where you stand currently. Despite all the media attention given to free credit reports–>you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.