Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
LoanMinnow

0 Contributions
0 People Helped
My student loan is my only closed-end credit. Will paying off my loan hurt my score?
I can pay off my loan, but i don't want it to hurt my score. I was thinking of keeping a small amount of money in that loan (but keep paying of the 4.5% interest) to have a type of debt instead of revolving credit. Or is it better to pay it off?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7368 Contributions
3809 People Helped

Helpful to 0 out of 1 people

Better to pay it off.  Continuing to pay interest on any debt for longer than you absolutely have to is stupid. Please make the time to read the articles on this site so you can better understand how credit works.  I did, and made the needed changes, and now enjoy an excellent credit score, and I'm on a fixed income. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.