Reply
Member
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
Posts: 654
Registered: ‎11-20-2012
0

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
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. 


Starting Score: AVG 529 (5/2013)
Current Score: 626 (03/2014) - Barclaycard FICO
Goal Score: 650


Take the myFICO Fitness Challenge
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.