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?
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 749||EQ08 735||TU08 746||Total Credit Line: $49,100||Utilization: 8%||Inquiries: EQ2 EX2 TU2|
You likely get a better score having an installment loan than a personal loan. Plus, if you don't change, you likely have lower interest.
i would leave it as it, not worth the HP and might not get a lower APR. TRY to pay extra/month to pay it off quicker.
Other option, IF you think you can pay it off in a year or less and have a credit card with a big CL 0% BT for 1 year, you can do that and avoid the %$ BT fee is usually 3%