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If you're dealing with a lot of debt, it can be hard to know how to start tackling it. While it's generally recommended to first pay off the debts with the highest interest, the right strategy depends a lot on your situation.
When it comes to the impact of loans on your credit score, paying all your loan EMIs on time and settling your outstanding credit card bills is the right approach to boost your credit score.
If you’re looking to prepay a loan first to boost your overall credit score, we recommend foreclosing a personal loan. When compared with other long term loans like home loans, personal loans do not offer tax benefits. Hence, repaying it first will help you improve your credit score.
Additional Read: How to increase the CIBIL™ score
Taking out a personal loan is not bad for your credit score in itself. But it may affect your overall score for the short term and make it more difficult for you to get more credit before that new loan is paid back.On the other hand, paying off a personal loan in a timely manner should boost your overall score.
Regardless of the approach you take with your debt, the most important thing you can do to boost your credit scores is to repay all loan EMIs on time and settle outstanding credit card bills before the due date.
Additional Read: Credit Score and Report Advice