mastermind@lemm.ee to Asklemmy@lemmy.mlEnglish · 2 years agoWhat's a scam that's so normalized that we don't even realize it's a scam anymore?message-squaremessage-square280fedilinkarrow-up1440arrow-down119
arrow-up1421arrow-down1message-squareWhat's a scam that's so normalized that we don't even realize it's a scam anymore?mastermind@lemm.ee to Asklemmy@lemmy.mlEnglish · 2 years agomessage-square280fedilink
minus-squaredingus@lemmy.worldlinkfedilinkEnglisharrow-up7arrow-down1·edit-22 years agoWhy would paying off your student loans give you a credit hit? Edit: lol who is downvoting this I legitimately didn’t know the answer
minus-squareyawn@lemmy.worldlinkfedilinkarrow-up5·2 years agoCredit scores are in part based on the oldest line of available credit, which for most people are their student loans. Pay those off, your oldest line of credit becomes something more recent, and your score goes down as a result
minus-squareRandomocity@sh.itjust.workslinkfedilinkEnglisharrow-up2arrow-down2·2 years agoIt decreases your overall available credit
Why would paying off your student loans give you a credit hit?
Edit: lol who is downvoting this I legitimately didn’t know the answer
Credit scores are in part based on the oldest line of available credit, which for most people are their student loans. Pay those off, your oldest line of credit becomes something more recent, and your score goes down as a result
It decreases your overall available credit