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kelseyaj

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Does paying off a home loan increase your credit score?

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Paying off a home loan will actually decrease your score.  You have probably generated many years of positive credit increases based upon your timely payments throughout the years, however, when you pay off the score, you no longer have that debt to manage and no longer have this active account.   It serves you best to keep it open as long as possible and continue making timely payments.

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