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I have about $1500 remaining in student loans with nelnet. I have 4 or 5 times where I was very late.. like 120+.. I have paid on time for about 20 months since the last late. They are showing a 54month history which is killing me I guess. My questions are.
If I were to pay the loans off how long would the loans stay on my credit given they were taken out in 1996? Would they simply go away? Doubtful..
Would I be better off to pay the minimum and keep open as long as I can for the benefit of an installment and a 14 year credit history?
Thanks for any help you can offer.
@redhouse69 wrote:My questions are.
If I were to pay the loans off how long would the loans stay on my credit given they were taken out in 1996? Would they simply go away? Doubtful..
Would I be better off to pay the minimum and keep open as long as I can for the benefit of an installment and a 14 year credit history?
Thanks for any help you can offer.
closed accounts stay on your reports for 10 years. they will not go away just because you pay them off. in theory, having long-history accounts on your reports is a positive thing.
depending on your interest rate, you may want to pay them off sooner rather than later. i really can't say what would work best for you.
Thanks for the reply.. Is that 10 years from final payoff date or?
10 years from whenever they are reported as closed, probably 30 days after you pay them off.
@redhouse69 wrote:I have about $1500 remaining in student loans with nelnet. I have 4 or 5 times where I was very late.. like 120+.. I have paid on time for about 20 months since the last late. They are showing a 54month history which is killing me I guess. My questions are.
If I were to pay the loans off how long would the loans stay on my credit given they were taken out in 1996? Would they simply go away? Doubtful..
Would I be better off to pay the minimum and keep open as long as I can for the benefit of an installment and a 14 year credit history?
Thanks for any help you can offer.
After the account is totally paid and closed, it can remain for up to ten additional years. The individual late payments will drop 7 years from the date you were supposed to pay by.