Pay in full or rehab?

[Amanda]

Perkins loan 1995, validated. I have the money but I want to know what is best for me, to pay in full or rehab? NOT in my credit report as of today. Would any of the choices prevent them to put it in my credir report? Would be the same? Would be any of the options cheaper than the other?

[scottb99]

I would imagine if you PIF, this may keep it off your CR. I am not sure though.

[robinpittman]

I think if I were you and I had the $$ to pay in full, I would put that money in an account and do the rehab. This absolutely guarantees to clear your credit for THIS loan after rehab completion. In less than a year all negatives will be deleted, then you could use the banked cash to pay off the remaining balance in full.

Even though no loans currently appear on your report, I would almost bet that if you pay this off now without a rehab this will find its way onto your report! That would not be good!

Good Luck!!

[LynnInMN]

I think if I were you and I had the $$ to pay in full, I would put that money in an account and do the rehab. This absolutely guarantees to clear your credit for THIS loan after rehab completion. In less than a year all negatives will be deleted, then you could use the banked cash to pay off the remaining balance in full.

Even though no loans currently appear on your report, I would almost bet that if you pay this off now without a rehab this will find its way onto your report! That would not be good!

Good Luck!!

With a 13 year old loan, there is always a possiblity of subrogation by the DOE and a new negative tradeline being slapped on your credit report at any time.