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Question By
vijay111

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How to improve my credit score
I have ~650 credit score (creditkarma) now.2 months back opened Auto loan account. before my Auto loan i have ~725 credit score.as I have less credit score got higher interest rate 6% and I dont want to run any more credit runs on my account. because which is hurting my creditscore every time. But i would like to increse my credit score and at the same time i want to save interest money. So i am planing to payoff 90% of my loan amount and want to hold 10% of loan amount. is this help me in increasing the credit-score? please suggest me.

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If you only have one account on your credit reports (this auto loan) then you do not have enough accounts and definitely need to add a credit card or two. Sure short-term damage will happen, but it is necessary to build credit. Paying your current loan down will help your scores. Do some reading on FICO scores too and keep an eye on them once you develop them.

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