I have student loans of K and 0.00. If I pay the smaller one in full will it improve my credit score?
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Tue, Oct 6, 2009
October 6th, 2009 at 12:49 am
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
October 6th, 2009 at 12:49 am
Continue to make on-time payments. This wil improve your score better than paying off the remaining balance.
October 6th, 2009 at 12:49 am
Don’t pay in full! Pay time in installments so that creditors can see that you pay your bills on time and that you are consistent. It will also improve your credit score.
October 6th, 2009 at 12:49 am
By paying off the small one it may give you a little boost since you have that much additional money on a monthly basis to put towards your other debts and other expenses. For me, I paid off my smallest student loan as quick as possible, within four years of graduating so that I could free up more monthly income to tackle other expenses including credit card debt.
Considering you still have the large one, ignore the people that say you need to keep both. You only need one monthly reoccurring payment to show that you can handle monthly payments.
October 6th, 2009 at 12:49 am
Credit score will be measured over a period of time, by checking your ability to pay a certain amount of agreed loan. Therefore it is better not to pay in full if you are considering credit score than the interest rate…