What's better for your credit score - paying loans in full or dispersing them over several loans?

3 Part Question.



Question 1 - I have 5 Sallie Mae Loans totaling about $52,000. My mother gave me 17,000 to apply towards those loans. I want to see my credit score go up from that because I want to get a house soon....so what would be better....should I break up the $17,000 evenly among the 5 loans, or should I knock out 3 of the loans out completely? (I already paid month ago, but they told me I can decide to move it around)



I would think knocking 3 of the loans out completely would look better on my credit report than breaking it up and lowering all of the loans. Does it matter when it comes to a loan as opposed to credit cards?



Question 2 - Does your score lower when you close a loan by paying it off? I know my score has lowered from closing credit cards and paying them off, and I want to make sure my score only goes up!



Question 3 -How long before I see a change relfected in my credit report? (Again, I made the payment a month ago, and there has been no change.)
What's better for your credit score - paying loans in full or dispersing them over several loans?
Question 3



You still will have $35,000 more to go and that is a lot of debt so your score will go up a little for paying on it but not enough to be good enough for a good loan, good interest rates or to rise your score to where it need s to be to get a House. Time and paying it down will help you the most.
What's better for your credit score - paying loans in full or dispersing them over several loans?
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I know from doing home loans for 12 years of things that help scores. One is what the 3 credit report agencies refer to as %26quot;proportion of balance owed to credit limit%26quot;, number of revolving accounts, etc. One thing that helps is to have a low balance with relation to credit limit available. ex) having a credit card with a balance of 100 dollars but a limit of 2000.

This shows responsible credit usage that consumer isn't maxing out what is available. Also, no credit isn't good either. I recommend to people I work with when paying off credit cards through a home loan not to close them all out, but rather keep a couple of them open and use for mandatory things such as gasoline and pay the balance off each month, thus not incurring interest but yet showing good credit history. The most important tip with any creditor payment is to never be more than 30 days late on a payment. You will get a deragatory listing on your credit report. Hope this gives you some ideas on how to strengthen your credit.