This is a question we hear often. While paying off any debt you owe is a wonderful thing, in most cases, it will not make your credit score increase. Keep in mind that a credit score determines the risk of a FUTURE late payment so previous late payments (paid or not) will continue to drag down a credit score.
Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at CureMyScore.com and founder of myexpertcreditwitness.com where he works as an Expert Credit Witness in both Federal and State Court. With working in the credit and mortgage fields since 1991, he’s dedicated to sharing his knowledge to educate consumers.
