Congratulations indeed!!! :biggrin:
As for your credit score, not sure. It technically should go up.
Damn, now I'm itching even more to pay my wife's car off. She would not let me pay cash for it so I've been sneaking and paying about 5 payments per month. I want to be 100% debt free again!!!
She wouldn't let you pay cash for it? Is she bad at math or something? :\
as in I sent 7000 dollars and it's paid off now.
Is my credit score going to change? It hasn't changed for over a year. I'm @ 760 on experian.
transunion, apparently I have no credit on there, how will that affect me?
I'm not sure about equifax....
Maintaining a healthy balance of debt to income (DTI) is important for your credit. Paying off all negative debts will help your FICO (Fair Isaac Company) score. The amount your score will increase depends on where your credit score currently sits. For a person with a score above 700, paying off all collection debts could bring very little to no change. However, a score of 500 would increase dramatically by paying off collection debts.
lolz at all those above the think they have it figured out.
Engineer, you can't net 2.49% as return???
so fail. so fail.
She is just worried that we're going to be cash strapped next year with my daughter going to college. I guess the 2.49% rate at Penfed has her thinking that we don't need to pay the thing off. Hell, where else can I get a 2.49% return on the money though...so paying it off quickly it is (it will be paid off by Christmas unless something happens, lol! )
and you wonder why people give you the shit around here.:\
That's what student loans are for. Don't sacrifice your own financial security to pay for your kid's college.
That's what student loans are for. Don't sacrifice your own financial security to pay for your kid's college.
What was the interest rate at? Mine's at 1.625% so I wish I could never pay that one off.
when did you guys graduate... mine are at 6.3% and i graduated in 07 and a subsidized perkins loan at 5.5%. i only have to pay $160 a month but lifetime of the loan it's a crapload of interest i'm going to be paying. we're going to attack that next year when we are done paying down the car.
Lol, I have school loans at like 2-3%...after expenses considered my money has always been doing better going elsewhere.
:awe:
You HAVE school loans, yet you claim to be wealthier than Bill Gates?
Yeah, yeah, yeah, we know.
You meant to say "HAD".