$500 student loan

[eonaxes]

I have a $500 loan that I can pay off with 0 interest before a specific date. I can easily do this. However I'm curious how much better of a credit score and/or loan payment history it will give me if I eat up the 5% interest and just make the scheduled quarterly payments.

Also does good a student loan payment history help out with auto loan apps?

I have no installment credit history and need what ever would help when I become a first-time car buyer.

Thank You

[BButrell]

Good question. ttt

[Gaddi]

I have a $500 loan that I can pay off with 0 interest before a specific date. I can easily do this. However I'm curious how much better of a credit score and/or loan payment history it will give me if I eat up the 5% interest and just make the scheduled quarterly payments.

The whole point of having a good credit score is to get lower interest rate. You are trying to do it backwards. You should do what is good for you economically/financially not what is good for your credit score.

 

Also does good a student loan payment history help out with auto loan apps?

I have no installment credit history and need what ever would help when I become a first-time car buyer.

I asked this questions yesterday in auto forum. MarvBear said student loans DO NOT qualify as an installment loan for purpose of buying a car. The thread is here http://creditboards.com/forums/index.php?showtopic=404410