credit score possible improvement in point amount?

Canada
June 29, 2018 6:54pm CST
hi i just paid $8000 out of $24000 i owed. it was an installement loan the rest i have is credit cards. how much do you think this will improve my credit. it says debt amount is 30% of your score in canada. my score updated before i paid loan so its 580. hoping this pushes me close to 650 which is what is needed for obtaining new credit i think. was paying 60% interent on this loan plus other fees. worked out to 75% total interest a year. id be happy with 50 points improved but hope for it to go to 650 or close to it. this is for canada so its 900 possible for best score and 300 worst possible.
2 people like this
3 responses
@Starmaiden (8722)
• Canada
30 Jun 18
I don't worry about those things. Credit and debt are just more illusory numbers those in authority tack on you to keep you oppressed. Especially the interest part. Why should anyone have to pay money they never got to spend? Another scam if you ask me.
1 person likes this
• Canada
30 Jun 18
i agree but was hoping to use a better credit score to help pay it all back faster. with lower interest rates. it is debt enslavement and i want to be 100% debt free in a few years.
1 person likes this
@NJChicaa (111915)
• United States
30 Jun 18
That's great that you made that payment. Now call the company and see if they will lower the rate. 60% interest is INSANE. If not, I'd put every single dollar I had into paying that thing off.
1 person likes this
@Freelanzer (10778)
• Canada
30 Jun 18
I don't know much about credit scores and never check it