I currently have the following installment accounts showing on my credit:
Home Loan - this is going through foreclosure, and it has been for two years now.
Auto Loan - this is current and has never been late.
Student Loan - current and never late ($900 total left to pay)
Student Loan - current and never late ($300 total left to pay)
Experian indicates that my credit score is lowered by having 3 or more installment accounts open. Would paying off the student loans help or hurt my credit? I am able to do so, I just have not done so because it is a positive trade-line on my credit.
Sadly there is nothing I can do about the home loan. That is still being processed from my divorce.
Starting Score: 577 EX 9/9/2015
It's not killing your score. If they are in good standing then they are adding to your AAoA and thickening up your file a bit. Nothing to worry about.
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.