Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
drybean

0 Contributions
0 People Helped
the more debt I pay down the more my score drops
So much for improving my score as I pay down debt. We paid off a loan and credit scrore just dropped like a rock. I would think it would have gone up seeing the debt to income ratio improved. Talk about punch in the gut. I feel more defeated than ever.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7368 Contributions
3809 People Helped

I suggest you re-read the credit articles here to improve your understanding of how credit works.  If you are paying off loans such as that for a car, yes, your score might drop a bit, but it can be improved.  Don't concentrate so hard on score numbers, but improving the other factors (age of accounts, payment record, increasing the available credit limit you have) so your score will increase.  If any of your payoffs is a credit card, do not close it after it is paid in full.  That really hurts your score. The more credit you have available, the better.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.