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Will paying off a student loan hurt my score?

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OHWWCB
Regular Contributor

Will paying off a student loan hurt my score?

That would take me from 3 installment accounts (2 loans and a car) to only 2 and I don't own a house so I don't have a mortgage. I'm going to do it anyway, but I'm just wondering if the hit to my mix will hurt my score?


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gdale6
Moderator Emeritus

Re: Will paying off a student loan hurt my score?


@OHWWCB wrote:

That would take me from 3 installment accounts (2 loans and a car) to only 2 and I don't own a house so I don't have a mortgage. I'm going to do it anyway, but I'm just wondering if the hit to my mix will hurt my score?


It should not hit you at all as you still have 2 open instalment loans and if it does the points are really nothing to worry about. Never worry about paying off instalment loans just to maintain a slightly higher Fico they dont give you much bang in the end. Revolving credit is where the game is.

Message 2 of 3
OHWWCB
Regular Contributor

Re: Will paying off a student loan hurt my score?


@gdale6 wrote:

@OHWWCB wrote:

That would take me from 3 installment accounts (2 loans and a car) to only 2 and I don't own a house so I don't have a mortgage. I'm going to do it anyway, but I'm just wondering if the hit to my mix will hurt my score?


It should not hit you at all as you still have 2 open instalment loans and if it does the points are really nothing to worry about. Never worry about paying off instalment loans just to maintain a slightly higher Fico they dont give you much bang in the end. Revolving credit is where the game is.


Okay, cool. Thank you!


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