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For FICO scoring purposes is Student Loan considered as Installment loan or is it better to add a separate installment loan to the credit mix to boost the scores ?
They are considered an installment loan
@Red1Blue wrote:For FICO scoring purposes is Student Loan considered as Installment loan or is it better to add a separate installment loan to the credit mix to boost the scores ?
My student loans provided a very good cushion for my recent app spree.
I applied for about 5 different cards in the last 2 months and neither my AAoA (dropped from ~5 years to ~4 years) nor my scores (dropped from the 760-800 range to to the 740-780 range) took nearly as much of a beating as I feared. In fact, my scores are already trending back upward.
@Anonymous wrote:
I believe it's 7 years for the lates and 10 years for the closed account. That and the low interest rate is why they caution those just entering repayment to pay your student loans off steadily, but don't rush to pay them off too quickly.
^ This is why people think I'm crazy for paying off my loan like it's on fire
(it is 0.4% higher than my auto loan, though )