I know it didn't but it's a good thing for the new member to know.

That did not come out of my mouth

Also, Meya will be a lot nicer to you. j/k!

Afternoon all! After about a month or two of reading everyone's posting, I decided to join. I have been thoroughly educated and entertained since I've started visiting this site. You all seem like a great bunch! I look forward to the continued communication of postings on this site.

Swipe, you came to the right place! Like HJM331 said, "We are so glad to see you here!" You are going to have a ball with us. Feel free to post whenever you feel like it. We love to see postings come to the board. For starters, here are some great links to get you started with postings]http ://www.financeglobe.com/SocialNet/forum/showthread.php?t=532[/URL]

2. Difference between New Topics and Posting a Reply [URL]http: //www.financeglobe.com/SocialNet/forum/showthread.php?t=607[/URL]

After viewing these two links, you can't go wrong

OK maybe i wasn't clear enough, my DMP has a balance of like 2k, and on my credit report it shows 2500-2999 revolving debt, I figured if I pay down that say I dont know half that (1500$) vs paying 315.00 a month it would boost my score up quicker.
Its credit card debit, my student loan debt wont hit for another 2-3 semesters

I am so sorry for the misunderstanding. OF course it will go up. Util can shrink your scores tremendously, but it doesn't matter if you are not out applying for credit because scores go up and down on a daily basis. I sometimes take my cards up to 80%, and then pay it back down over a period of time. My scores doesn't matter because I am trying to get in good with the creditors by showing them how well I pay. Although this is my opinion, I still say that yes your scores will go up but not by a whole lot if it is just one item you are targeting.

Hope this helps!

Swip46, welcome to FG! I'm glad that you have read our postings. Feel free to ask any questions and we will try our best to answer them.

Afternoon all! After about a month or two of reading everyone's posting, I decided to join. I have been thoroughly educated and entertained since I've started visiting this site. You all seem like a great bunch! I look forward to the continued communication of postings on this site.

I can answer some of it. The student loans are not a real impact toward our scores since they are installment accounts what matters is that you do not default with it. If you decide to pay off, it just puts your account in a closed status because it is gone forever and not to be used again. Unlike credit cards or charge cards, they have revolving debt and can be used again upon purchases. If you feel like you want to pay off the student loan faster, go ahead because nothing is like the feeling of eliminating debt.

If you have a credit monitoring service with a debt simulator, play around with it and see what would your scores look like if you paid off your student loan. I did, and it only changed by 15.

https://partner.experiandirect.com/CreditKeeper/CreditXpert/images/wis/elev_wis.gif[/img]Potential score change]


#Action Description

1 Simulating your account information as of the date of this credit report.

2 Decreasing the balance by $7,525 on your SALLIE MAE account as of the date of the credit report.

3 Decreasing the balance by $14,769 on your SALLIE MAE account as of the date of the credit report.

4 Decreasing the balance by $7,253 on your JPMORGAN CHASE BANK, N account as of the date of the credit report.

5 Decreasing the balance by $23,250 on your ACS/JP MORGAN CHASE BA account as of the date of the credit report.

6 Simulating your account information 1 month(s) after the date of this credit report.

So, baiscally it is up to you.


OK maybe i wasn't clear enough, my DMP has a balance of like 2k, and on my credit report it shows 2500-2999 revolving debt, I figured if I pay down that say I dont know half that (1500$) vs paying 315.00 a month it would boost my score up quicker.
Its credit card debit, my student loan debt wont hit for another 2-3 semesters

Thanks, I try my best.

Wow Hjm331
That Reply Of Your Was So Stimulating To Me

(in My Head)

You Said That So Very Cool

Like You Really Know What Your Talking About

Keep Up The Good Work

What Meya stated about loans is correct. Student loans, auto loans, personal loans, etc are all counted as installment loans. They don't count against your overall utilization. I'm not sure if it hurts your score when a new loan is reported to your credit report but high utilization on your credit cards make a huge impact on your scores. That's why it's always recommended to pay off your credit card debt first rather than a loan. Some consumers even apply for a personal loan to pay off their credit card debt first so their scores will go up and they only have to make one payment to pay their loan instead of making several payments on their credit cards.

I can answer some of it. The student loans are not a real impact toward our scores since they are installment accounts what matters is that you do not default with it. If you decide to pay off, it just puts your account in a closed status because it is gone forever and not to be used again. Unlike credit cards or charge cards, they have revolving debt and can be used again upon purchases. If you feel like you want to pay off the student loan faster, go ahead because nothing is like the feeling of eliminating debt.

If you have a credit monitoring service with a debt simulator, play around with it and see what would your scores look like if you paid off your student loan. I did, and it only changed by 15.


Potential score change


#Action Description

1 Simulating your account information as of the date of this credit report.

2 Decreasing the balance by $7,525 on your SALLIE MAE account as of the date of the credit report.

3 Decreasing the balance by $14,769 on your SALLIE MAE account as of the date of the credit report.

4 Decreasing the balance by $7,253 on your JPMORGAN CHASE BANK, N account as of the date of the credit report.

5 Decreasing the balance by $23,250 on your ACS/JP MORGAN CHASE BA account as of the date of the credit report.

6 Simulating your account information 1 month(s) after the date of this credit report.

So, basically it is up to you.

Its ok it happens when we get excited about something. Especially being on this board where you can ask a question and not get your head bit off.

heh im still waiting for my answer, do you know the answer? (read above )