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Good TL Student them off or are/will they help?

Established Contributor

Good TL Student them off or are/will they help?

I have 2 student loans totalling just under $8,000. I have to start paying on them in January, and they are currently reporting as "pays as agreed". My question is, I have a very unique opportunity to pay these off in February...completely, or atleast very close to completely. Should I? 1 has an interest rate of 3.5% and the other 6.5%. The approximate monthly cost will be $80 which is terribly easy for me to afford. So, I don't believe these count toward my utilization...correct me if I am wrong. Will paying them off do anything other than relieve me of the debt/monthly payment or will keeping them open a few years first prove tasty to my credit score?

Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700

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Moderator Emeritus

Re: Good TL Student them off or are/will they help?

I'd pay them off if it were me.  No chance of anything going wrong and no interest.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
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