Student & Installment Loan & Credit Question.?

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I have a student loan I still owe $3300 and has been established for 3 yrs. I also have been paying on an installment loan for 18 months. I have 83 months to pay student loan and 36 months to pay off the installment loan which at this point I only have 18 months left to pay. My question is do i have enough credit history already built to pay off my student loan in 1 year? If not how many more years should i keep paying on it? My monthly payments are only $50 but i was thinking about paying more to reduce the amount of debt i owe. with the installment loan should i pay off the loan before the 36 months or just keep making the payments till the very last 36th month? I have a secure credit card and a revolving store card with no balances. i do make small purchases every month but pay it off in full. My fico score is 568 and im trying to get it up as quick as possible. I know I must reduce the amt of debt I have but I dont want to affect my credit history. Thanks in advance.

Student & Installment Loan & Credit Question.?

Have you had late payments on the student loan? If so, I would keep it open for 18-24 months after the last late payment. Since it has been established for so long you could probably pay if off early if you wanted to. Many student loans have a low rate so alot of people don't pay them off early.

For the installment loan you will get the most points if you leave it open and just pay it every month. I would leave it open at least 6 more months if you have never been late on it. If you've been late I would keep it open longer.

Good Luck

Student & Installment Loan & Credit Question.?

If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.ht... . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/



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