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southfloridalease
Posts: 9
Registered: ‎08-26-2012
0

Paying Off Student Loan with $682 left, Loan Has been open 10 years.

Currently, I have a student loan with Sallie Mae, and I have been paying a little more each month to lower the amount owed.  Currently, the balance is $682.28, and have auto pay at $189.69.  My scores are TU 694, EQ 698, EX 698.  I have 1 CC with a $0 balance that was a secured card, and now, it is unsecured....I am trying to obtain an auto lease with KIa or Toyota.  My concern is that if I pay the student loan off, I will not have enough revolving credit, and my credit score will drop.  I have 1 medical collection from December 2009, which I paid off, and have had 2 car leases with VW, one was paid on time all the time, and 1, I missed several payments....What should I do?

Established Contributor
InvincibleSummer3
Posts: 640
Registered: ‎11-20-2012
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Re: Paying Off Student Loan with $682 left, Loan Has been open 10 years.


southfloridalease wrote:

Currently, I have a student loan with Sallie Mae, and I have been paying a little more each month to lower the amount owed.  Currently, the balance is $682.28, and have auto pay at $189.69.  My scores are TU 694, EQ 698, EX 698.  I have 1 CC with a $0 balance that was a secured card, and now, it is unsecured....I am trying to obtain an auto lease with KIa or Toyota.  My concern is that if I pay the student loan off, I will not have enough revolving credit, and my credit score will drop.  I have 1 medical collection from December 2009, which I paid off, and have had 2 car leases with VW, one was paid on time all the time, and 1, I missed several payments....What should I do?


Student loans are not revolving credit, they count as installments. Also, the payment history will continue to report even though the loan is paid off, so I don't think you should see much of a drop, if at all.

Valued Member
blitz
Posts: 40
Registered: ‎04-04-2013
0

Re: Paying Off Student Loan with $682 left, Loan Has been open 10 years.

Paid account usually report for 10 years, in my experience. 


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