Sunday, November 13, 2011

Student & Installment Loan & Credit Question.?

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.

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