I just got a installment loan for $2,250 two months ago. It is in deferment and I have paid down 1/3 of it. Is there any disadvantage to paying it down to zero next month? Can I assume it will help my credit if I pay off installment loans while there are still in deferment? Maybe they need to cure a bit and it's not good to pay them off to quickly?
I have another installment loan for $750 that I got 15 months ago and it has come out of deferment. I have paid 1/3 of it down and plan to pay it off slowly so as to have a active installment loan for my credit mix.
I am trying to plan for several more student loans coming down the road and assume it is good to pay down or pay off loans I have today.
I am 19 and thanks to this forum and hard work my FICO at TU is 797 and EQ is 776.
colbymcolby
