- This topic has 0 replies, 1 voice, and was last updated 9 years, 11 months ago by Anonymous.
- May 25, 2011 at 3:42 am #220437AnonymousInactive
I’ve been paying off my consolidated student loan for 3 years now. I had about 12 years left until I got a 1% point deduction on my rate (reward for 2 years of consecutive auto-withdrawals). Now that my loan rate is at 4.75%. Now it will be payed on in 10 years 8 months if I continue the current payment of $215 a month. I can easily afford to pay more and was looking at dropping it to a remaining 7 years for an additional $80 a month. This would save me over $2100 in interest paid over the life of the loan. What I’m curious about is will this adversely affect my credit score? I know that the longevity of accounts is one factor that boosts your score. Will lowering the life of my loan by almost 4 years hurt my score in the short or long run? The life of the loan with my change will still be 10 years total. What I’d really like to do is lower the lifetime of the loan to the minimal possible duration without affecting my credit score.
Thanks to anyone who can help.
Anyone who doesn’t want to link me to spam?
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