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Valued Member
soleilbabe
Posts: 49
Registered: ‎11-02-2012
0

Last payment on student loan

So I was happy that this month I'll be sending in my last payment on one of my loans... Until I realized that this is the oldest tradeline on my report goes back to 2001 when I entered college. I consolidated all of the other loans so they start at 2006 and my grad school loans are 2007-2009 (I think). Other than that the only things I have are the 2 credit cards I opened last month. I'm going to pay off the loan no matter what, I'm just nervous it's going to cause my score to take a huge hit.  :smileysad:

In my wallet: Discover More $11,300 11/2/12 | Chase Freedom $500 11/8/12

Initial 10/14/12 (Free Score): TU 621 /EQ 621 /EX 618
Current: 1/13/13 (Free Score): TU 708 /EQ 677 /EX 698
Initial EQ FICO: 670 11/2/12
Current EQ FICO: 698 1/13/13

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Last payment on student loan


soleilbabe wrote:

.....I'm just nervous it's going to cause my score to take a huge hit.  :smileysad:


Why? AAoA will remain unchanged. Length of credit history will remain unchanged. Your mix of credit will remain the same. If anything you are adding another $0 balance and that can help.

Valued Member
soleilbabe
Posts: 49
Registered: ‎11-02-2012
0

Re: Last payment on student loan


llecs wrote:

soleilbabe wrote:

.....I'm just nervous it's going to cause my score to take a huge hit.  :smileysad:


Why? AAoA will remain unchanged. Length of credit history will remain unchanged. Your mix of credit will remain the same. If anything you are adding another $0 balance and that can help.


So that tradeline won't fall off b/c I paid it in ful???

In my wallet: Discover More $11,300 11/2/12 | Chase Freedom $500 11/8/12

Initial 10/14/12 (Free Score): TU 621 /EQ 621 /EX 618
Current: 1/13/13 (Free Score): TU 708 /EQ 677 /EX 698
Initial EQ FICO: 670 11/2/12
Current EQ FICO: 698 1/13/13

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Last payment on student loan

Nothing legally prevents it from dropping, but as an industry practice, your TL should report for another 10 years from the date of closure. Just don't do anything to hasten it's demise like a dispute or something like that.

Valued Member
soleilbabe
Posts: 49
Registered: ‎11-02-2012
0

Re: Last payment on student loan


llecs wrote:

Nothing legally prevents it from dropping, but as an industry practice, your TL should report for another 10 years from the date of closure. Just don't do anything to hasten it's demise like a dispute or something like that.


SWEEEEEEEEEEEEEET!!!!

In my wallet: Discover More $11,300 11/2/12 | Chase Freedom $500 11/8/12

Initial 10/14/12 (Free Score): TU 621 /EQ 621 /EX 618
Current: 1/13/13 (Free Score): TU 708 /EQ 677 /EX 698
Initial EQ FICO: 670 11/2/12
Current EQ FICO: 698 1/13/13


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