Credit Card Center Advertiser Disclosure†
08-15-2017 05:02 PM
08-16-2017 10:40 AM
08-16-2017 07:27 PM
I'd say forget about score impact, and figure out how much more or less you'll be paying in total for the money you're borrowing.
What's the interest rate on the current student loan?
What's the interest rate on the personal loan you're looking at?
08-21-2017 12:46 PM
I would think the interest rate difference would be the key factor here. Also the student loan has some credit history. When you pay off the loan you will lose points on both the close of the loan the credit pull on the new loan and the age of 0 on the new loan. Might be good for a long term strategy but for short term I don't see much gain.
|EX08 735||EQ08 714||TU08 731||Total Credit Line: $49,100||Utilization: 8%||Inquiries: EQ2 EX1 TU4|
08-24-2017 03:07 PM
You likely get a better score having an installment loan than a personal loan. Plus, if you don't change, you likely have lower interest.
08-30-2017 11:18 AM
i would leave it as it, not worth the HP and might not get a lower APR. TRY to pay extra/month to pay it off quicker.
Other option, IF you think you can pay it off in a year or less and have a credit card with a big CL 0% BT for 1 year, you can do that and avoid the %$ BT fee is usually 3%
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.