Don't panic if your credit score drops
Your credit score may go down after paying off a loan or credit-card balance. When you pay off an old loan and the account closes, the average age of your active accounts could drop, which has a moderate impact on your credit score. When you pay off a credit-card balance, avoid canceling the credit card all together, because that can also affect the length of your credit history. Ultimately, the long-term benefit of paying off debt outweighs any chance of a temporary hit to your credit score.
Your credit score may go down after paying off a loan or credit-card balance. When you pay off an old loan and the account closes, the average age of your active accounts could drop, which has a moderate impact on your credit score. When you pay off a credit-card balance, avoid canceling the credit card all together, because that can also affect the length of your credit history. Ultimately, the long-term benefit of paying off debt outweighs any chance of a temporary hit to your credit score.
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