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Thesha

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if I pay off $40,000 in credit card and personal loan debt will this raise my credit score alot

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Yes, assumes the credit card(s) are open and in good standing as it reduces the utilizations, what's "a lot" will be determined by how much the utilization percentage both individually and aggregately was reduced and of course on one's definition what "a lot" is. Reducing debt is awalys good thing, especially by that amount, regardless of the credit scores.

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Lowering the balance on your credit cards to less than 10% of the limits (that is, each card only carries a balance of 10% or less of its limit) will definitely help boost your score by showing lower credit utilization, so definitely attack those with full aggression. Just don't close them when the balances reach $0.00. :)
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Personal loan debt is a different story. Your best bet there is to faithfully make the payments each month, since there's no advantage to be gained (other than having more money each month) in paying those off early.

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