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ghelpling

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score goes up, get loan goes down, what happens when paid off in 6 months
ok i currently have a 566 credit score but if i pay down my credit cards according to the simulator it will go up to a 634 but if it i get a personal loan it will go down to 613. my question is if i get the loan and pay it off in 6 months will my score go back up or will it go down more because i closed an account early?

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If you can pay the loan off in 6 months, why not just pay your credit cards off in 6 months. You are getting score hits from inquiry(s)/new account with a loan and your scores would dips a bit when you paid off that loan as well, so why go thru that when you capable of paying it off in short periord of time. Your scores will go up as you pay down the balance. 

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Some do get a loan just to boost their scores from mixture of accounts, but they usually drag it out as long as they can before pay it off.

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