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OneReallionaire

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Will paying off three installment loans raise my credit score?
In 2013 I got an installment loan from my CU for $1000 and paid it off in six months. I then immediately took out a second $1000 installment loan and paid it off in six months and another $1000 installment loan the third one and am about to paid that off in Oct.2014 My question is if my credit score at the time I took out the first installment loan in 2013 was 630 how is that today my score with Experian is only 509? I don't understand, because I have been seeking any credit any where. Can you explain?

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The problem is that every 6 months you are closing an account and then opening a new one.  If you don't already have a credit card, get one and keep a small balance (1-3%) on it at all times.  Stop opening and closing the installment accounts, use the credit card instead if possible.  To learn more about how your credit score is calculated, visit www.myfico.com.

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