topic Re: Pay off Student Loan? in Rebuilding Your Credit

Pay off Student Loan?

Anonymous — Fri, 19 Dec 2008 00:50:50 GMT

I have less than $125 left on a student loan for one semester at a university. I'm trying to raise my score as quickly as possible and was wondering if I would see any rise in score off of paying off the balance, lowering in score, or approximately the same as paying it off $50/mo (3 more months) which I'm currently set to pay. It probably makes little difference but if it would make a difference by the end of January then that would be a plus.

I'm trying to raise my score ASAP to apply for some CCs and be done applying for at least a year. I'm trying to raise my scores in an effort to secure private student loans when I will be attending college out-of-state possibly as early as Fall '09. I'm expecting a decent boost in credit scores as I had a CC at 141% util and have paid it down to 85% and will have a credit limit increase kick in to futher lower my util 59% assuming I don't pay the remainder off in that time.

Re: Pay off Student Loan?

203bravo — Fri, 19 Dec 2008 02:46:02 GMT

Jeduhi -

No one can tell you the exact change you could expect from paying off a loan, however paying off that small an installment loan will probably not result a significant change either direction.

Probably the best advice is to get your credit reports and find out what exactly is causing them to be so low at this time. Post any questions about negative information on this board and you will get some excellent advice.

Good luck.

Re: Pay off Student Loan?

daisy245 — Fri, 19 Dec 2008 04:26:12 GMT

I had a problem with an old CO that was killing my utl. My utl was over 123%. I was approved for a CJ account with a $2500 limit. This is going to bring my utl to around 30% when they finally report. CJ does not do a credit check, but help you rebuild. Just a thought, if you are concerned about maybe getting a score boost, ASAP!

Re: Pay off Student Loan?

203bravo — Fri, 19 Dec 2008 14:31:41 GMT

Daisy -

Yes a CO that is still reporting the balance owed with a 0 credit limit will Kill your score fast - I've had that battle myself. In regards with CJ keep in mind that they don't report until you place your 1st order and they only report to 2 of the CBs.

Good Luck.

Re: Pay off Student Loan?

daisy245 — Sat, 20 Dec 2008 16:52:26 GMT

I already ordered, just waiting for them to report. I mainly got the card because my lender only uses TransUnion score, and CJ reports to them. I needed a score boost ASAP. I was just giving a suggestion for a quick score boost. Thanks.