If I pay off my loan, will my credit go up?

I have been trying to monitor my credit because I am trying to get the best rate on a mortgage. In the last 2 months, my credit has dropped 24 points from 792 to 768. I have a 1% debt to credit ratio. I took out a loan 1 year and 6 months ago to condense my debt into 1 monthly payment of $494 a month. The loan reduced my credit score.

Debt, Personal Finance
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July 2016

Paying off the loan will not necessarily increase your's credit score, but will definitely increase your options of obtaining a mortgage. Even though your credit score was reduced down to 768, this is on the edge of excellent with regard to the credit bureaus and should be of no concern at the present time. It sounds like you're in awfully good shape to get the mortgage so long as you can put forth a reasonable down payment like 20% plus. I hope this helps and good luck.

July 2016
August 2017