Understanding FICO® Scoring

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orenharel
Posts: 17
Registered: ‎02-13-2013

Student Loans

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‎02-14-2013 05:09 AM

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?

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pizzadude
Posts: 6,325
Registered: ‎01-28-2010

Re: Student Loans

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‎02-14-2013 05:16 AM

 

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
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orenharel
Posts: 17
Registered: ‎02-13-2013

Re: Student Loans

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‎02-14-2013 01:28 PM

I understand, thanks.

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