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About LinkBacks..... at the current payment schedule I have it on. Or should I drop the payment schedule and just drag it out? (It's 3.24%)
In researching credit scores I've often come across the whole "time the account is open" factor and how that fits in (the longer the better).
At this time these student loans are my longest credit "lines" at over 12 years. Once paid my longest line will be one of my cc's at something like 6 years (the older ones having been cancelled/closed due to a declared bankruptcy in 2002).
According to creditkarma my average open line is 12y9mo and my oldest tradeline is 19y7mo.
Probably the ATT Universal I opened freshman year lol. That card I always paid on time and eventually paid off and then ........... I cancelled it. Oh well. I didn't know about the time factor.
So, should I drag it out until I get the bk wiped and my score over 750/800? creditkarma has me at 655 and creditsesame at 714.
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Student loans to be paid off within a year ....
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Except for perhaps home mortgage, pay off all debt as quickly as you can and don't accrue more. Then save and invest as much as you can as consistently as you can for as long as you can. The credit score will take care of itself.
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I second jeffysdad's advice. If your student loan is already 12 years running, whether it is 12 years, or 13, 14, 15 it won't really make much of a difference. You can get a FICO in the high 700s and possibly 800 with accounts no longer than 5 or 7 years old. The 3.24% is a good rate though. If you can afford to pay it off quickly and don't have any other debts accruing interest at a higher rate, then by all means by it all.
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I recently got my Amex backdated to 2000 so I don't know that it will matter much anymore lol.
I'll just leave it at the current schedule for now. There are 4 loans. I can pick and choose which to pay off as I go.
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