Reply
Member
orenharel
Posts: 17
Registered: ‎02-13-2013

Student Loans

Hi there,

 

I have a student loan that I have been paying off for appr 12 year now with a current balance of appr. $15k.

 

Would it be better for my credit score to pay it off in full or continue to pay my regular monthly installments?

Moderator
pizzadude
Posts: 8,544
Registered: ‎01-28-2010

Re: Student Loans

 

You won't receive a FICO score boost from paying down an installment loan.    However there are other non~score related reasons to do so, such as reducing interest  payments or improving your DTI%

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Member
orenharel
Posts: 17
Registered: ‎02-13-2013

Re: Student Loans

I understand, thanks.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+