Payments not helping score?

[bear812c]

I have two student loans I'm paying on. I'm in a position to pay them off rather quickly but I have held off doing so thinking that the monthly payment I am making is helping my credit score. After months of monitoring my score I know now that these monthy payments are doing nothing for me, score wise. my credit score isn't budging. Should I just pay them off in full? We are talking about $3300 total.

[DaveSignal]

If your payments report late, your FICO will be penalized.

AAoA can have a positive impact on your score as your accounts age.  This is rounded down to the nearest year... 3.96 years = 3 years AAoA.  4.01 years = 4 years AAoA.

The amount utilized on your revolving credit lines has a huge impact.  Using less than 10% of your credit on any credit cards will yeild better FICO scores.

Having a mix of accounts helps your FICO, ie: credit cards, installment loans, mortgage

I don't think paying off your installment loan will have any significant effect on your FICO score.

[bear812c]

I've been paying on these student loans for 10 years now. They are not late or delinquent. Actually, I have them paid up, due to over payments and my next student loan payment isn't even due until March 2015. Also, I have 3 credit cards and I keep my overall utilization of the combined three under 10%. 

[guiness56]

The SL good payment history helps you.  But paying it off will have little impact.  Once paid and closed they will report for up to 10 years as a positive account from the date closed.

[DaBears]

Installment loans only account for 10% of your Fico scoring. What else is on your credit reports that might be holding down your scores?

[kroberts67]

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@bear812c wrote:

I've been paying on these student loans for 10 years now. They are not late or delinquent. Actually, I have them paid up, due to over payments and my next student loan payment isn't even due until March 2015. Also, I have 3 credit cards and I keep my overall utilization of the combined three under 10%. 

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Try showing a reported balance (on one card only) of UT at 2% (down from 10).  That should give you a little boost.

[bear812c]

I have some old collections on my credit that are holding me down, all of which are due to expire within the next 18 months. I just thought that the payments I make on my student loans would be helping my score out even if it is just a little, but I haven't seen any difference.

[guiness56]

Are the collections paid?