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alexmonet2

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can paying a high balance off and then closing the account affect your score negatively?
a loan will be used to pay off the balances

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Average age of credit

If you pay off an old loan or line of credit and open a new loan, your credit score might see a slight dip for a year or so. If it is a significantly lower interest rate, it should still be worth it though. Obviously don't do it if it is a higher interest rate unless you can't afford your current monthly payments.

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