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I have 25,000 in student loan debt currently. I am in the process of rehabbing them. If I were to pay them off in full after rehab, what kind of impact would that have on my score. The loans are 4 seperate loans totaling 25,000. I was just looking for a general answer....thanks everyone.
Anybody??
I suggesting posting in the Student Loans forum... that is where the experts on that topic live....
@whodatnation2 wrote:I have 25,000 in student loan debt currently. I am in the process of rehabbing them. If I were to pay them off in full after rehab, what kind of impact would that have on my score. The loans are 4 seperate loans totaling 25,000. I was just looking for a general answer....thanks everyone.
These show as installment loans on your reports, correct ? If so then I wouldn't expect much of a gain. There really isn't much FICO weight given paying installment loans off. FICO weighs paying your revolving debt much more significantly.
My suggestion is to pay them off as soon as possible.
The less debt, the better.
@IOBA wrote:My suggestion is to pay them off as soon as possible.
The less debt, the better.
+1