lumburg

Is it better to have a paid unsecured loan or to be paying?

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I just paid off a unsecured loan and I was curious if anyone knew what to expect as far as score go. Would they go up or down? I guess this line of credit will be closing but then again I am paying something off i.e. less debt so maybe it goes up? Any thoughts?

Also, I have a charge from AMEX that is from a corporate card that I had at my last job. I left the company and a $188 charge off has appeared, this was over three years ago and this just popped up on my CR. I have called AMEX and they tell me that I have to write their Special Investigation dept that has no pone number or fax machine and get the records since they can not locate what the charges are for. To me, that is their job and if they validate then they are in violation of FCRA. Thoughts?

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I am new here, but I will try to anwer the first portion of your question. Your score depends on 1) History of your account (i.e how old is your account) 2-The balance/Limit ratio. So by paying off your loan, I would think you will be able to see 20-30 point increase. Hopefully one of the more experienced members here can confirm or correct my answer.

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AMEX has a loooooooooooooooong memory and will blacklist you. $188 is not worth the trouble, pay it and dispute with the credit bureau as a corporate account.

There are several factors that affect your score (UTIL %, recent lates, PRs, negs, history to name a few). One thing is paying a TL that has never been late or not charged off will not hurt your score but you may not get the huge bump you were looking for.

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AMEX has a loooooooooooooooong memory and will blacklist you. $188 is not worth the trouble, pay it and dispute with the credit bureau as a corporate account.

There are several factors that affect your score (UTIL %, recent lates, PRs, negs, history to name a few). One thing is paying a TL that has never been late or not charged off will not hurt your score but you may not get the huge bump you were looking for.

The $188 is not mine and I just can't seem to suck it up and pay it out of principal. I guess another way to tstate my question is how in the heck are they validating debt when they can't even tell what it's for? If they only have this crappy record of it then how are they able to verify it with the CRA?

Also, as far as the installment loan is ocncerned, I'm just looking for a guess as to whether my score will go up or down when you pay off a loan. I can pay off my car loan shortly as well and wanted to see what hte board thought would be the better way to handle it. Continue paying down debt and keeping hte account open thereby extending my credit history or lowering my overall debt. I know that on paper it looks like having less debt is always better but I don't know what the scores reflect.

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The $188 is not mine and I just can't seem to suck it up and pay it out of principal. I guess another way to tstate my question is how in the heck are they validating debt when they can't even tell what it's for? If they only have this crappy record of it then how are they able to verify it with the CRA?

Also, as far as the installment loan is ocncerned, I'm just looking for a guess as to whether my score will go up or down when you pay off a loan. I can pay off my car loan shortly as well and wanted to see what hte board thought would be the better way to handle it. Continue paying down debt and keeping hte account open thereby extending my credit history or lowering my overall debt. I know that on paper it looks like having less debt is always better but I don't know what the scores reflect.

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