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Message
re: Paid off my last car loan in full
Posted on 7/18/14 at 10:47 pm to That's BS
Posted on 7/18/14 at 10:47 pm to That's BS
quote:
So to keep the average age of my open accounts from dropping, should I leave like $1 in my student loan account and let it just accumulate interest and keep the account open?
Eventually the minimum payment will force a payoff.
quote:
I have about $1300 left to pay off, well ahead of schedule, and the age of the loan is about 10 years since I first took out a loan in 2004.
That could be an issue if that is your oldest credit line. This is why people need to be careful about paying off an canceling all their credit cards - while I'm not saying never do this - the consequence of doing it to your oldest account can be detrimental to a credit score and a future mortgage payment.
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