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scooter4483

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Pay off one of 5 student loans or lower the debt in one of the five student loans?
I want to raise my credit score. Should I pay off one of the 5 student loans that is 8 years old or should I lower the debt in one of them. I understand having open accounts is better than closing even when good. I want to increase my score before applying for a cc.

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Student loans are one of the accounts you do not want to have open, because of the interest that  keeps piling up, and the fact that those loans remain collectable until paid in full.  Work on getting these paid off as quickly as possible.

If you have never had a credit card, you likely should begin with a secured card then, after a period of time with a good usage and payment history, you will be able to get a 'regular' unsecured card

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scooter4483

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I had cc but those cc were closed off because I didn't have funds to pay.  After 7 years of no cc, i have no bad accounts or anything on my credit report.  the average score for all 3 CA is around 680.  Want to get it close to 720.  Would paying off one of the loans increase my score more or lowering the debt on it?  I understand I do not want to pay the interest.  Two of the loans are at 2.x%.  the others are at 6.5% which I know is high.  Just want to increase the score a little bit more.

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Reply by
scooter4483

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Thanks.  I understand what you are saying and do not want the debt, but will my score go up if I pay off one of the loans or lower the debt on it?

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Anyone else?

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16 Contributions
51 People Helped

Anyone else with a suggestion?  Thanks

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