My credit is 620, and the dealership paid off my car becaus ei traded new one how will it effect my credit score?

i had a 2014 ford focus that i got with 21,000 and was paying 320 a month i paid the car for two years almost 3 yrs and i traded it in for a new 2017 ford fusion for 25000 370 a month.. the dealership paid off my remaning balance on the 2014 ford focus which i think was about 11000 and my credit score is 620 how

i had a 2014 ford focus that i got with 21,000 and was paying 320 a month i paid the car for two years almost 3 yrs and i traded it in for a new 2017 ford fusion for 25000 370 a month.. the dealership paid off my remaning balance on the 2014 ford focus which i think was about 11000 and my credit score is 620 how will this effect my credit score if it goes up how much will it go up

Best Answer:

Ross: It's unlikely to impact your score much. Closing an account on good terms can improve your score, but you also took out new debt, which likely impacted your debt %. Your total debt vs available debt is a big factor in your score. Too much debt compared to your total available debt is a negative factor.

Other answer:

Ross:
Your score has gone down and your debt has gone up. This would affect you in the short term, but in the long term you should be OK, assuming you make all your payments on time, with no missed payments. 620 is not a great score, so you should be working very hard to improve it.
Maris:
Hello everyone i'm Maris Rooney i just want to testified on how i got a loan from a God fearing woman called Mrs Elizabeth pls do not fall in the hand of scan contact Mrs Elizabeth and get your Loan Via mail{elizabethperryloancompany@gmail.com…
Michael:
You paid off a smaller loan and took out a bigger one. Your score will go down.
Love big words:
Amazingly, your score will go down. You are playing with fire here. Try not to get burned.
tro:
probably didn't change your score an iota
Robt:
IT will NOT.
Hopefully you got educated adults to explain why u got screwed
Raheem:
http://MyCashTable.com/?ref=68481
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