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Posted in Student Loans
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Question By
Vashen

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Will paying off a loan that has missed payments decrease it's negative impact on my credit score?
I have 12 missed payments between 2 student loans. The most recent one occurred 3years+ 3 months ago. I understand that these will remain a part of my history for 3-4 years. Would paying these loans in full instantly have any positive effect on my score? Note that I have a car loan with a higher APR than my student loans and so I focus on paying that on first.

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student loan

How ling after paid will student loans fall off credit report

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A good payment history does take the 'sting' out of past late payments so work on that for your benefit. Keep those up.  I can agree with your desire to reduce interest payments by paying off the car first because the interest on that is higher.  Just don't let anything get late is my advice.

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Hi

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Paying off loans actually hurts your credit ??? I know right? I would pay them down, but not pay them off. The missed payments will stay on your score no matter what you do.

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Auseti

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Do missed payments weigh the same on an open vs repayed loan?

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