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John
John asked in Business & FinanceCredit · 2 years ago

Does paying off loans faster increase credit score?

Obviously not paying on time is a big no no for credit score, and paying on time is a good thing for increasing credit score. But if i pay more a month, to ultimately pay off debt faster be better for my credit score or would it be just the same as if I were paying them adequately on time? I know paying off debt faster relieves that APR interest rate stuff, but I want to know about the effects on credit score.

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  • ?
    Lv 7
    2 years ago

    Not a huge difference credit wise but it is smart to pay less interest.

  • StephenWeinstein
    Lv 7
    2 years ago

    Not directly. However, it will mean that the amount you still owe will be less, and that will help increase your score.

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