No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Not sure if I should post in this forum or Student Loan forum. I took out student loan for my Graduate school. I have been deferring the loan. When I use the FICO simulator it is suggesting if I pay down my student loan debt any where from $3000 - $18000 there will be a boost of 30 points for my report. Should I go ahead and start paying the student loan and bring that balance down ? Or wait for next 6 months and clean up the COs/Collections off my report and then pursue start paying off the student loan. Interest on my student loan is much less. Any thoughts ?
I would pay students LAST.
They do not affect your scores like regular loans.
My wife hovers around 800 and has a TON of student loans.
If you want to pay, pay but don’t do it for your scores especially if you have ANY cc debt.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:I would pay students LAST.
They do not affect your scores like regular loans.
My wife hovers around 800 and has a TON of student loans.
If you want to pay, pay but don’t do it for your scores especially if you have ANY cc debt.
Thanks. I do not have any current credit card debt. But bunch of COs/CAs on the report that I am trying to clean up. Simulator says if I reduce some student loan balance I would get about 30 point score gain. Not sure.
I would work on your other issues before worrying about your student loans.
Installment loans have a much smaller impact on FICO (if they're in good standing) scoring than derogatory items or revolving lines.
Ignore simulators - they cannot even begin to correctly estimate any changes - our credit files have so many more factors and so much more depth than they are capable of working with.