One sunny afternoon, Matt Schmidt, CEO of Diabetes Life Solutions, decided to purchase a house and take out a mortgage. To succeed this, he realized he had to pay off his student loans ahead of schedule to minimize his debt. Much to his surprise, “the student loan was my only type of ‘installment’ debt. Even though I paid off my debt, FICO penalized me for not having installment debt,” Schmidt said.
Soon after, his credit score dropped between 40 and 50 points and the purchase of a home was delayed by nearly five months. You know what they say: No good deed goes unpunished!
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