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A friend recently paid off about 50k in student loans all at once. Immediately, his credit score went down 69 points. Why? Because those student loans accounts (there were 7) all reported separately as long term accounts (!) that were in great standing. So because he's a younger guy, his "Average age of account" dropped from 7 years to 1.5 years, which plummeted his score.
In retrospect, he says he should have just paid everything down except for like 100 bucks on each, and let the accounts sit open, in good standing, for the next decade.
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- 5 years ago
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