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What happens when I pay off my student loan? I was going to pay it off immediately after I graduate. Will this hurt my credit score to do so since the account will become closed?
Also, I know the loan drops off in like 7 years or something like that. Will that hurt my credit score when it comes off my credit report?
I am not referring to deliquency or any loan issues. I'm wondering whether it's better for my credit score to pay it off right away or ride it out 10 years.
Paying off an installment loan can hurt your scores a bit.
There are lots of reports about this on this forum.
When an account drops off your reports, you lose the accumulated account age, and this age divided by the number of accounts will give you an idea of the hit to your AAoA.
Paying off an installment loan helps your DTI and saves interest, and you have to make the call about which approach is preferable.
I personally would not maintain an installment loan just for scoring purposes, but only if it's a natural fit with my overall financial strategy.
+1 user539284, though I do have a silly installment loan on my reports just for scoring purposes personally .
Look at the APR on the student loan, if it's higher than 3% currently kick it to the curb in my opinion.
You can pick up a cheap installment tradeline by taking it against a secured asset or similar, see the other post you made on "general advice" for further information on that.