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Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
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Good TL Student Loans....pay them off or are/will they help?

I have 2 student loans totalling just under $8,000. I have to start paying on them in January, and they are currently reporting as "pays as agreed". My question is, I have a very unique opportunity to pay these off in February...completely, or atleast very close to completely. Should I? 1 has an interest rate of 3.5% and the other 6.5%. The approximate monthly cost will be $80 which is terribly easy for me to afford. So, I don't believe these count toward my utilization...correct me if I am wrong. Will paying them off do anything other than relieve me of the debt/monthly payment or will keeping them open a few years first prove tasty to my credit score?



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Good TL Student Loans....pay them off or are/will they help?

I'd pay them off if it were me.  No chance of anything going wrong and no interest.


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July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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