Keep loans at a small balance to boost fico?

[pkosheta]

Is it worth keeping my student loans on the books as an open account with a very small balance that i would only pay interest on? It is the only line of credit I have besides credit cards and it is only 7 months old and almost ready to be paid off. It's amazing how living like I was in college allowed me to put 90% of my income into this debt. My concern is that once it is paid off I will have no open installment credit lines, just credit cards. I know it will stay on my report for 10 years as a positive, but extending the AAoA with these loans and keeping them on my report even longer may be worth a couple bucks in interest a month. Will loans officers credit card companies notice what I'm doing and react badly or with a raised eyebrow? I do not plan on getting a car loan or a house in the next 5 years too. I would like to keep the loan principle at something like 300 dollars so I only pay less than 2 bucks a month. Would love any advice or thoughts on this matter.

[laz98]

Usually student loans have a minimum amount that would be due each month, & I'm sure it's not going to be $5 or less.  Probably $50 or so, unless you are on a special repayment plan or something.  I don't think it's worth keeping it open.  Installment accounts are a small part of your FICO, & while you *may* take a small ding for not having any open installment accounts after you close it, I wouldn't worry about it much.

[llecs]

Definitely read the agreement. The loan payment should be fixed and should be including both principal and interest. Paying less than the scheduled amount can result in late payments or default.