What is the impact of debt on my credit score?
An example of an AI chatbot conversation about the effects of debt on credit scores.
What is the impact of debt on my credit score?
Debt can significantly affect your credit score. High levels of debt, especially credit card debt, can lower your score.
How does credit utilization ratio play into this?
Credit utilization ratio is the amount of credit you're using compared to your total available credit. A high ratio can negatively impact your score.
What can I do to improve my credit score if I have debt?
To improve your credit score, consider paying down existing debt, making payments on time, and keeping your credit utilization low.
How long does it take for my credit score to improve after paying off debt?
It can take a few months for your credit score to improve after paying off debt, depending on your overall credit history.
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