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
Appollo88

0 Contributions
0 People Helped
Reduce late payments or Reduce average lenght of credit
I have a very old student loan which is basically paid off(I have a $1 in it). It is very old(22 years) and helps my average length of credit(8 years 7 months). However, it is half(4) of my late payments. If I pay it off and it is removed, my late payment percentage will rise to about 98% from 95%.

Should I pay that last $1?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
986 Contributions
546 People Helped

Does student loans automatically gets removed from your credit reports once it's paid, or it's like any other types of credit accounts that will remain on your credit report for next 7~10 years? If it's not removed whenever it's paid? Then it makes no difference what yo do, as the late payment(s) still would be there... In FICO score models, they uses both your open and closed accounts for your age/average age of credit, so when you closing a account, it wouldn't necessarily affect your age/average age of credit for next 7~10 years or until whenever it's removed from your credit reports.

Top Contributor
7346 Contributions
3805 People Helped

Helpful to 0 out of 1 people

Pay it.  Late payments are damaging to your credit score.  Average age is less important and the accounts will age.  If you haven't already nread the articles on this site,please do, since the informatioin will help for the restof your life.

Results 1-2 of 2Results 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.