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