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Posted in Student Loans
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preciousk72

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I suffer for paying off debts?
So I finally get 3 of my first student loans paid off after all these years, and I get penalized and my once ascending credit score drops back to the FAIR level. I mean that's terrible. If I don't pay my debt I get punished and if I do pay my debt, I still get punished. Do they not want us to pay our debts?

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No they do not in some ways.  Those closed accounts still help your credit, but they are no longer open accounts showing a continuation of paying on debt. Also it may affect age of credit, although I am not sure, but with them closed they may not be used in the average anymore and then would decrees your average age of credit to lower your score.

Really they love to have you in debt (just not too much) and making regular payments. And that does kind of suck.

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