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I paid off the last of my student loans today!
(sh.itjust.works)
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this post was submitted on 14 Aug 2025
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Paying off your loans will actually raise your credit score because it will lower your credit utilization ratio and will reduce your overall debt. Even after you pay off your loan, it doesn't disappear from your credit report... the loan's history will remain on your credit report for quite some time (7-10 years).
The best thing I ever did to improve my credit score was to replace my debit card with a credit card, and then I'd pay the credit card off each month. Not only do I get cash back from the credit card, but my credit utilization ratio is always low.
Well at least I know how much I still owe, now lol. Figures the credit bureaus are actually able to get information out of Nelnet, while us "consumers" are stuck in the dark.
I think in my case it's the average account age that's fucking me over. 2 Credit cards and car both under 5 years old, no other accounts besides my 15 year old student loan. My debt to credit ratio is only like 7%, so paying off the small student loan wouldn't improve that much.