cancel
Showing results for 
Search instead for 
Did you mean: 

Student loan my only installment loan, affect on credit if pay off

tag
Anonymous
Not applicable

Student loan my only installment loan, affect on credit if pay off

Hi,

 

I only have $1100 left on my student loan and pay $125/month.  It was up to $9000 at one point.  I plan on buying a home next year, should I pay off the loan or leave it to show a revolving acct?  I can totally pay it off if it'll help me but its my only loan so Im not sure if I should or not.  Thanks

Message 1 of 2
1 REPLY 1
IOBA
Senior Contributor

Re: Student loan my only installment loan, affect on credit if pay off

It wouldn't hurt to have it completely paid off a good 60 days before you apply for the mortgage.

 

The loan will report for at least another 7 yrs after it's paid....

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.