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20 years later STUDENT LOANS ALL PAID!

getridofccdebt
New Contributor

20 years later STUDENT LOANS ALL PAID!

Fianlly! What a feeling. Made my final payment to Nelnet two weeks ago! Will these 3 tradelines have any impact on my score?

Message 1 of 5
4 REPLIES 4
simplynoir
Community Leader
Super Contributor

Re: 20 years later STUDENT LOANS ALL PAID!

Congratulations on paying off your student loans! 🍸

 

For your question this depends on whether you have any other installment loans such as a car or house. If so then your scores should stay more or less the same. FICO scoring models say a credit mix of credit cards and loans be reporting to maximize your scores

 

If your student loans were the only installment loans reporting you may see a score drop but I think this is an instance where money numbers matter more than scoring numbers. Be proud of finally paying off a long-standing debt and make plans to do something with the extra money. Things like increasing your savings, paying off other debt like credit cards if you have any, etc

Message 2 of 5
lhcole77
Valued Contributor

Re: 20 years later STUDENT LOANS ALL PAID!

Congrats @getridofccdebt 

 

What a huge accomplishment!

Message 3 of 5
calyx
Super Contributor

Re: 20 years later STUDENT LOANS ALL PAID!

Huge congrats!   Do you have any other installment loans? (mortgage, auto?) - the presence of open installments is good for your score.
But I think finances is more important than FICOs, and it's AWESOME that you've got this paid off!

RIP:

F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 0/6 3/12 5/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 4 of 5
SweetCreditObsession
Established Contributor

Re: 20 years later STUDENT LOANS ALL PAID!

Congratulations! I'm so happy for you! I don't know the answer to your question but here's a guess...if you have no other installment accounts that are open, you may experience a dip.


(+77) | (+90) | (+114) | TU Fico 9: 704

Goal: Min. 740 w/all CRAs - Met
Next Goal: Chase FU
Subsequent Goal(s): Min. 780 w/all CRAs
Gardening Until: 06/20/2021| Last App: 6/04/2020
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