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But really, if your credit is that high you’d be better off consolidating on your own with a debt consolidation loan or credit card balance transfer. Any time you miss a payment, you hurt your credit score.
So if you consolidate your debt by transferring credit card balances or by taking out a personal unsecured consolidation loan, you shouldn’t have any credit damage unless you miss a payment.
And if you follow this theory, paying a loan off early might sound like an excellent strategy for building your credit score.
Unfortunately, paying off non-credit card debt early may actually make you less credit-worthy, according to scoring models.
Those are the two biggest factors in determining your credit score.