Frequently Asked Questions(FAQ)

How quickly can I increase my credit score?

Because credit reporting agencies only update credit scores once per month, it typically takes at least that long or even several months to see a significant change in your credit score.

Does my income affect my credit score?

Your income does not factor into your credit score. Instead, your score is based on factors like your payment history, how much debt you have, the length of your credit history, your credit mix, and how many new accounts you have.

Why does paying off a debt hurt my credit score?

Paying down credit card debt should never hurt your score as long as you keep the account open. However, paying off installment loans like a mortgage or a car loan can hurt your score in the short-term since these loans will no longer be reported to your credit reports. Not having them can also negatively impact your credit mix.


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Holly Johnson

Written by: Holly Johnson

Award-Winning Personal Finance Contributor

I’m a professional writer who is obsessed with money, travel, and budgeting.

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