Beware of the rules of Lending, 8 of 12 Paying off Debt
The horrors that this can create are not pretty.
I know it may seem like the right thing to do, but this falls under the category of ’No Good Deed Goes Unpunished’. You can actually DROP your credit score substantially by paying off a small collection account or closing a long standing account.
Credit is one of the most valuable and tricky financial tools that we deal with. STOP, ASK ME FIRST before you do anything like this!!! There are very specific ways this has to be done.