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Should we pay off or wait?

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Anonymous
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Re: Should we pay off or wait?

Holy crap Batman SIX other installment loans? Smiley Surprised

 

And you still took a credit score hit even with six other installment loans left? What type of drop? Few points? Double digits?

 

Are those all student loans? 

 

I'm so glad I refinanced my vehicle when it was 80% paid off last week at 2.09% (thank you MF). Since I have no other installment loans (almost no debt at all) and no mortgage until next year. Plus, a thin file to boot right now as well.

 

I'm still freaked out (thank you MF for that too) that my new installment car loan won't report until AFTER my old installment car loan falls off all my reports and that will hit me hard when I'm about to do a major app spree for the first time ever.

 

 

Message 11 of 16
Anonymous
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Re: Should we pay off or wait?

5 are student loans and 1 car loan. I technically only pay 2 student loan payments a month but on my credit report it shows as several individual loans. My FICO8 dropped around 15 points. Mortgage scores dropped a little less than 10 pts but are rebounding.

Message 12 of 16
Anonymous
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Re: Should we pay off or wait?

U.S. colleges making kids in debt since 1636. Smiley Very Happy

WOW! 15 point drop. Was that on one credit bureau or did all three credit bureau scores drop 15 points? Even, with another car loan and five other installment loans. That is scary as hell.


Message 13 of 16
Anonymous
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Re: Should we pay off or wait?

15 pts was the biggest drop on one CR. The others were closer to 8-10 pts. I didn't even finish college which is just salt in the wound. Oh well, I'm making more working for myself than I ever would have with a regular 9-5.

Message 14 of 16
Anonymous
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Re: Should we pay off or wait?

Better to hustle 24/7 then be a slave 9 to 5.
Message 15 of 16
Anonymous
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Re: Should we pay off or wait?

So true!

Message 16 of 16
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