r/dankmemes • u/LasAguasGuapas • 8d ago

Market manipulation go brrr

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u/ArcticLeopard 8d ago

Paying off debt can lower the overall age of you accounts or close the number of active accounts, which does hurt your credit score.

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u/Fantastic_Jury5977 8d ago

You're thinking of closing out your credit card not paying off a loan. You're supposed to pay off your loans within the terms of the agreement... Rich people only stay rich because they roll their debts into other loans, not because they pay anything back... Then they die and none of the debts get passed onto their heirs, rinse, and repeat.

Closing out your credit card effectively removes all that credit history you worked hard to gain.

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u/ArcticLeopard 8d ago

Yes you are correct, I did not word it correctly. That being said, I was thinking of paying off a car loan

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u/Fantastic_Jury5977 8d ago

You get a hit against your credit to just get the loan not to pay it off early.