topic Re: paying off a student loan in Credit Cards

paying off a student loan

Anonymous — Sun, 10 Feb 2008 02:02:44 GMT

I know I'm asking alot ofquestions but i can't find the answers. I have 500 left on a 2 grand student loan that went into deferment. total time open on this loan is 5 years. what willhappen to my score if ipay it off?

Re: paying off a student loan

Anonymous — Sun, 10 Feb 2008 02:17:35 GMT

It'll probably go up since outstanding % on your loan goes down.

Re: paying off a student loan

Anonymous — Sun, 10 Feb 2008 02:22:51 GMT

really? I thought it would have neg impact on length of time?Can anyone give me advise? thanks.

Re: paying off a student loan

Anonymous — Sun, 10 Feb 2008 02:56:33 GMT

ok I set up loan payoff for 2 weeks from now. after alot of research it turns out that paying off a loan stays on your record for 10years as paid off/good standing and boosts your credit score for this reason and for thefact that your credit to debt ratio changes for the better. i'lllet everyone know what my scores do in March!

Re: paying off a student loan

Anonymous — Sun, 10 Feb 2008 03:06:23 GMT

if these are your ONLY installment accounts-

You will most likley have a small score drop because of mix.

If you have other installment accounts- it will be nil.

Re: paying off a student loan

Anonymous — Sun, 10 Feb 2008 03:06:49 GMT

I paid off my smallest SL of around 1500 (orig bal 2k vs big consolidated SL of 45k) and didn't notice a bump on scores.

However my installment debt has been out of whack for a few months. I turned in one lease, took out a new lease, turned it in after a month and did a new (3rd) lease on a different car. Both new leases along with my orig lease were showing for awhile.

Do you have any other installment debt?

Re: paying off a student loan

Anonymous — Sun, 10 Feb 2008 03:09:13 GMT

nope this was it.