SERIOUS QUESTION AND I NEED YOUR ADVISE FROM THE EXPERTS

[bsal]

hey guys i need some advise, I'm trying to eliminate some monthly bills and i wanted to know would it effect my credit score if i was to pay off my school loan in full since the balance is only 955.00, the only reason i been keeping from paying it in full because it was the longest history on my credit report and the only thing really showing i had credit, my scores are trans 698 equfax 711. Now that i have a car loan and i been paying it on time even tho its only been 2 months, do i really need to keep that school loan on my report or can i pay it off in full without it dropping my scores what should i or what do i need to do guys , please help thanks

[Anonymous]

Your score may go up or it may go down; it's very hard to say, but probably only by a few points.  However, the tradeline itself will stay on your report for 7 years (if it has any lates or other negative information) or 10 years (if it's a clean tradeline).

Go ahead and pay it off; save yourself the interest.

ETA: I'm not an expert, but I answered anyway.

Message Edited by Mike14 on 07-10-2009 03:44 PM