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wiechj87

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If I pay all my debt off at once excluding my student loans, How fast will my credit score increase?
I am recently divorced. My name still resides on the marital residence but he continues to make payments on time. I was left with major debt from him. I have roughly $50,000 in debt. My father is willing to pay it all off for me and I pay him back. How fast will my credit score increase and what other benefits will this have?

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Paying off debt

Paying off debt will make your credit utilization % go down and this will improve your score immediately (once the payment is reported). The advantage you will have credit wise, is that you will qualify for more credit at better rates. But aside from the credit which it seems you have enough of, you will be saving the interest on $50,000 which is quite alot.

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