<prompt> Human: So I have a student loan that I have been making regular payments on for a long time, which has had a very positive effect on my credit score. Im at a decision point now, however, the balance is low enough that I can pay it off immediately, or I can continue making small payments on it for another 5 years. myfico.com informs me that paying it off will have a positive effect on my credit score. However, advice from others has been that by closing it I would reduce my credit variety, which would actually have a negative effect on my credit score this loan is my only installment loan.Who is right?  <response>: Its on your credit report of another 7 years and it shows lenders that you can pay things off. Plus who really wants to continue to pay interest! Make sure you keep your letter that you get after paying it off in full forever. Put it on your phone, computer, in your safe, on your nightstand, in the fridge. Some companies will try to come after you again. 