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Posted in Student Loans
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Question By
shimap317

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Pay off an installment account (ie student loan) in full or just pay on it monthly?
I have about $6000 worth of student loans left. I am at a point where I can pay off the account in full, but I dont know if its actually a good thing that it's on there and I'm showing that I have on time payments or would it be better to just pay it off ?

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I cant speak about the general idea and how it effects everyone, but I can tell you what happened to me.

I had about $25,000 in 7 loans. I paid off one of the higher intrest ones that was a little less than $1000; my score went down 19 points.

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funny. I paid off  40 thousand of my 70 thousand loan in december and my score didnt budge a point.

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