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Will paying off my student loan help my credit score?
I have an open mortgage and an open credit card with a $0 balance. Will paying off my student loan increase my score? I just can't seem to get over that magical 700 score.

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No, but...

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As faidros said, it will probably lower your score temporarily. This is because one of the factors is "length of open accounts" and you will be closing (presumably) one of your oldest accounts.

However, the small hit to the score is probably not worth keeping it open longer just to pay more interest. Instead, as he also suggested, the best way to increase your score is to open some new credit cards - and to keep their balance at $0 like your current one. Even if you open a card that you never use, it will increase your score because it increases your credit utilization. If your one card has a $3000 balance, and you regularly put about $1000/month on the card (and then pay it off), then you are running up your utilization to 30% every month ($1000/$3000). If you would open even one more card that also has a $3000 limit, but continue to only spend $1000 each month on the original card, then your utilization will never be higher than 15% ($1500/$6000), which would produce a much better score.

Or, if your credit card is $0 because you never use ANY credit card, then that is probably what is keeping your score sub-700 - you need to use the card so that you have SOME kind of utilization each month. Even if you just put like $20 a month on a card and then paid it off when you got your statement, you would be building better credit than you would not using ANY cards at all.

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When you initially pay off a student loan, you will see a reduction in your credit score as the account will no longer be active and would only then be a reference for your payment activity.   As the loan gets to a low balance, for life and financial it pays to pay it off, saving you that interest.  Although, for your credit score, it makes sense to continue the payments as long as possible.  You indicated you had "an" which indicates one credit card.   Try adding another one to your arsenal for you to manage.   Keeping a running balance which you still continue to pay off monthly of about 10%.

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