Student Loans

Do Student Loans Affect Your Credit – How Paying off Loans Affect FICO Score

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Do Student Loans Affect Your Credit – Best Deal Right Now?

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How does paying off loans affect your FICO score? I bring you real life proof of how the score moves when you do. Watch to see how much it moves and how long it takes to recover.

#loanpayoff #fico #creditscore

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47 Comments
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47 Comments

  1. Pacoima_king
    July 25, 2021 at 6:08 am

    Pay them off, pay them off, who cares about credit, cash is King

  2. John William
    July 25, 2021 at 6:08 am

    My FICO score was 847 last( April) month. i made the final payment on my mortage during April and my FICO score dropped to 805 in May.. looks like paying off the mortage hurt my FICO score. No bills No credit cards… just funding (MAX) my 457(a)… CalPers!

  3. Killroy
    July 25, 2021 at 6:08 am

    proof how lame the FICO score is

  4. Bornfiregaming
    July 25, 2021 at 6:08 am

    This was interesting

  5. GOD OVER MONEY
    July 25, 2021 at 6:08 am

    These credit score bastards always find a way to ding your credit. If you pay off a loan, they lower your credit score. If you take out a new credit card, they lower your credit score. Rotten bastards do anything to get more money out of you in the long run

  6. Anthony Cobb
    July 25, 2021 at 6:08 am

    Soon as he said 800 is pretty low. I knew this channel wasn’t for me at the moment. Totally disconnected 😅

  7. Grand Master Mawile
    July 25, 2021 at 6:08 am

    What if I get a car loan for a couple thousand and pay it over a 70 month period. Sure you pay a couple hundred in interest but then you artificially increase your score. And when you pay it off, you prove that you can handle a loan for future which will help towards future loans.

  8. Observe self
    July 25, 2021 at 6:08 am

    Very helpful thank you

  9. A.M.K
    July 25, 2021 at 6:08 am

    800 is low. dude your winning.😑

  10. Cyzar Jr
    July 25, 2021 at 6:08 am

    1 or 2 percent utilization and spending 1000$ on credit cards 🤔 seems that you have 50,000 dollar credit limit.

  11. Griffin Brumley
    July 25, 2021 at 6:08 am

    BeatTheBush, do you check comments like this on your older videos? I wanted to ask some questions.

  12. dabz N slugg
    July 25, 2021 at 6:08 am

    I got 650 score I paid my car loan this week before Labor Day in full but damn I try to take care of my credit a lot hopefully nothing to big of a drop

  13. R S
    July 25, 2021 at 6:08 am

    Are we supposed to ignore the subliminal messages?

  14. Anthony White
    July 25, 2021 at 6:08 am

    You think your credit profile is bad, mine was terrible. A friend of mine introduced me to a Tech expert called Michael Gibbs then I get in touch with him, To my surprise he fixed my credit profile within a few days. He helped me increase my credit score to 790 excellent score and deleted all bad negative items on my credit profile within 96 hours. He also helped me increase my credit card limit to $50k, I'll advise you contact him for your credit repair on his regular email [Gibbs@creditpatchup.com]and thank me later.

  15. DriverSteve
    July 25, 2021 at 6:08 am

    It's not "one year five months ago"! You should say "one and a half years ago"! Much easier on the rest of us to understand what you are saying!

  16. Jacob Baur
    July 25, 2021 at 6:08 am

    Personal Loans are not revolving credit, they are instalment debts. This is what they mean by diversity of credit. This is why paying off a line of credit (revolving) with a personal loan will boost your credit score if the line of credit was maxed out (so long as an agreement of the personal loan isn’t closing the line of credit once it’s paid). Your revolving credit utilization goes down significantly, because often lines of credit make up a far larger proportion of your revolving credit.

  17. Dylan Crosby
    July 25, 2021 at 6:08 am

    "We The People" need to dismantle and remove the ruling class and take back our country! We could abolish the federal reserve and this arcane credit rating system.

  18. j borrego
    July 25, 2021 at 6:08 am

    The whole credit score is a damn scam

  19. Michael Harley
    July 25, 2021 at 6:08 am

    Your length of credit probably dropped as well

  20. S Lee
    July 25, 2021 at 6:08 am

    Thank you. I paid off my car loan and I was starting to regret it. I'm trying to buy a house and I think it helps to have an installment loan but that car loan was a nightmare

  21. Nana Beatz
    July 25, 2021 at 6:08 am

    This guy is an alien lol… thanks for another good educational video

  22. GPresty 12
    July 25, 2021 at 6:08 am

    It negatively affects you credit because your not in debt.

  23. Quinn Quy Nguyen
    July 25, 2021 at 6:08 am

    It's Oct 2019. 1 month ago (Sept) I took a $6k student loan. To date, I've paid half of that back. Today my credit score came out, I dropped like 50 points! How?! Please explain. I didn't even need to begin repaying my student loan until I graduate in 2020. Also, I keep up-to-date with my general credit card payments anyway.

  24. Commander
    July 25, 2021 at 6:08 am

    I have 2 more payments left on my car loan should I just pay it off? What kind of affect will this have??

  25. Frank Bradford
    July 25, 2021 at 6:08 am

    You forgot to mention the change in your average age of accounts. That’s a giant driver of the drop. Age of accounts is only calculated on OPEN accounts. Pay off a loan and now it’s a closed account and all that history goes away (in terms of average age of accounts)

  26. Javier Robles
    July 25, 2021 at 6:08 am

    @60MinuteCar
    Was sent here by this dude 😂

  27. Kevin James
    July 25, 2021 at 6:08 am

    If I paid off all my credit cards and kept the accounts active would that increase my credit score?

  28. Sirius Alien
    July 25, 2021 at 6:08 am

    Hey, I got myself in serious Credit Card hole..I know this has to be devastating, but I think my only way out is a debt relief service. I don't see any hope of doing it on my own ..Thoughts???

  29. Elijah Ullmann
    July 25, 2021 at 6:08 am

    Drastically?? Haha

  30. dwtbb00
    July 25, 2021 at 6:08 am

    I sure wish I would’ve found this video 2-3 months ago. I had a car loan and I only owed about $1,066 on it. But when I called the bank I was told that the specific type of loan that I had, I was being charged $.65 a day for every single day that my loan was open. Although my maturity or last payment would have been the July 2019, doing the math I would’ve paid the bank and additional $600 extra. I really didn’t want to do that because why would I want to make a facility richer? Anyhow, I made my last payment in April. Because I didn’t have any credit cards before that, I decided to apply for a credit card prior to me paying it off. I got accepted and shortly after paid off my car. Well when I applied for the credit card my credit score took a seven point dip. But once I paid off my car, six weeks later I noticed that my credit score took a 70 point hit. I literally got sick to my stomach seeing that my credit score went down by so much =(. Now it’s a matter of waiting to see what I can do to get my credit score back up. I currently just have that one credit card but I don’t want to apply for more credit cards because I just don’t want my credit score continuously taking a hit. Should I try applying for a personal loan to pay off some medical bills that I have?

  31. FermiGBM1
    July 25, 2021 at 6:08 am

    Fuck the system

  32. taliarockson
    July 25, 2021 at 6:08 am

    I know this all too well. Paid off my student loans (oldest account) and my score dropped 22 points -_-

  33. Bradi Colliflower
    July 25, 2021 at 6:08 am

    this was very helpful! thank you

  34. BOTUBE
    July 25, 2021 at 6:08 am

    I just paid off a very high interest student loan and it tanked my score by 20 points 🙁 Im glad to know that it eventually goes back up. It just sucks because I felt like I was punished for good behavior haha

  35. nativered1 Harris
    July 25, 2021 at 6:08 am

    I am getting married in 2 years and my goal is to be debt free would love to know what should be my first step. I have 5 ccs 3k: 24.99%, student loan 20k: 6%, car note 17k:14%, 1 personal loan 13,00: 13% . ohh and i have crappy credit!! 🙁 need help.

  36. Cedric Titus
    July 25, 2021 at 6:08 am

    The key is not having a wife.

  37. PEX34
    July 25, 2021 at 6:08 am

    as Dave Ramsey would say pay cash you don't need a credit score in your life 🤣

  38. Sirena Spades
    July 25, 2021 at 6:08 am

    Is my computer going crazy? Video keeps flashing to other blips :0 It's like that part in the movie Fight Club…..

  39. Jeary Shin
    July 25, 2021 at 6:08 am

    if I paid off my student loan, are they supposed to remove their account off my report? discover removed themselves so my fico dropped 22 points… should I give them a call
    ?

  40. Tykoon 25
    July 25, 2021 at 6:08 am

    Can you pay your mortgage with a credit card an recieve cash back?

  41. Burt Gaming
    July 25, 2021 at 6:08 am

    Hey man what are your thoughts on Sjw’s?

  42. DoomLegion83
    July 25, 2021 at 6:08 am

    Some Tyler Durden shit is going on with your video

  43. Adolfo Leguia
    July 25, 2021 at 6:08 am

    805, a low credit score. I bet in high school Bush took an A=Average, B=Below average

  44. Dustin Stout
    July 25, 2021 at 6:08 am

    Rather than eliminate my only last debt, I paid down my student loans to a balance of $50 and will keep that balance until they are finally due so that they continue reporting as active trade lines. This will help my credit and lengthen the time they continue reporting (10 years after they are closed).

  45. Hyun
    July 25, 2021 at 6:08 am

    im so confused… whats a good reference for a beginner in personal finance

  46. A D
    July 25, 2021 at 6:08 am

    What will you do with the plastiq Referals now?

  47. Humbled Trader
    July 25, 2021 at 6:08 am

    Wow congrats on paying off your mortgage early. 25 years ahead of schedule lol?