@MMTT31 wrote:
I have paid my student loan to a balance of 800 bucks, the only reason I keep it open is so that I have an installment loan. I really hate debt, but should I keep it open for the installment loan purpose or just pay it off? The loan is only about 10 months old and I have had my oldest card for 1 and half years and have two others with util at about 5%. Will paying off completely have a negative impact of my credit?
It won't make much of a difference either way. Installment loans aren't weighted as heavily as revolving accounts. Plus, your paid-off-in-good-standing loan will continue to report for approximately 10 years, so it's not like you'll lose a tradeline if you pay it off.
