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Student Loans Reporting!

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braznyc
Frequent Contributor

Student Loans Reporting!

Finally! The only question I have is it lists it as "deferment" status, although I am paying the monthly interest and above, basically I'm paying the loan, and I'm not penalized for it, if I want to stop I can. I guess the deferment status will stay until I either graduate or drop out correct?

How is this going to help my credit? I just want to understand better how all of this helps. They gave it loan opened in 12/07, which is correct.
Message 1 of 9
8 REPLIES 8
modernsurrender
Established Contributor

Re: Student Loans Reporting!

Deferment = you don't have to pay so long as you're going to school 1/2 time, it will end 6 months after you graduate, or drop under 1/2 time
Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

Slate: $5000 Simplicity: $5000 David's Bridal: $3500 SW Chase: $3000 FNBO: $3000 Barclay NFL: $2500 BofA: $2400 Discover IT: $1700 Walmart: $1500 Victoria's Secret: $1000 Cap1: $750 Amex Zync: NPSL
(2 derogs to go until I'm squeaky clean in 2014!)
Message 2 of 9
haulingthescoreup
Moderator Emerita

Re: Student Loans Reporting!


@braznyc wrote:

How is this going to help my credit? I just want to understand better how all of this helps. They gave it loan opened in 12/07, which is correct.


Not sure if this is what you're asking, but in general, having an installment loan on your reports helps your credit, because it broadens your mix of credit types. And even if the balances look huge, installment util doesn't impact scores much at all. Don't know if you have the option of paying the loan off early, but if you do, be sure to pay on it for a year, anyway. 12 months of timely payments will help in the future for any other loan apps.

Did you notice whether your FICO's changed much from before the loans posted to after?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 9
Anonymous
Not applicable

Re: Student Loans Reporting!



braznyc wrote:
Finally! The only question I have is it lists it as "deferment" status, although I am paying the monthly interest and above, basically I'm paying the loan, and I'm not penalized for it, if I want to stop I can. I guess the deferment status will stay until I either graduate or drop out correct?

How is this going to help my credit? I just want to understand better how all of this helps. They gave it loan opened in 12/07, which is correct.

Yes, the deferment status will stay until the loan offically goes into repayment.
 
You can pay all you want to during deferment, and in the long run this is probably wise from a fiscal standpoint (saving money).  Since you're not currently required to pay, however, there's not really any such thing as a timely payment during this time, so I would doubt FICO will credit you for these payments you're currently making.  Still, it can't hurt, and you are saving money this way.
 
I wish DFiancee had the foresight to make some payments during her deferment period.  Good thinking!
 
Message 4 of 9
braznyc
Frequent Contributor

Re: Student Loans Reporting!

@ HTSU, I didn't notice any change lol, but those are all FAKO scores on EXP. I don't have any current credit on TU or EQ, so I guess this will help. I also just got one credit card in the mail, so I'm hoping by the summer I can really use myfico's products.

Oh and I understand when I'd have to pay, I just wanted to get a clear picture of how all of this is viewed, thanks so much for all the replies!! Helps me get clear on things.

@ Chedder that was my main reason, I work and go to school so I'm not waiting. I saw how much it was cost me on the unsubsized one when I do graduate and was like "no thank you, I'll pay as long as my finances afford me too". I'd rather pay this down than let it sit. I'm paying down both $80 bucks a month each! For now I can afford it, so I will continue too.

Now, I really get it. I guess it's fine it is states deferment anyone who looks will see the balances do down so that's all that matters in the end to me. I would have liked a score rise but I'm still battling my credit demons lol.
Message 5 of 9
braznyc
Frequent Contributor

Re: Student Loans Reporting!

OK, I just did a pull on TC and now TU has the loans, EQ shows nada still, sighhhh.

My Fakos are TU 603 EXP 578, EQ zip, zero 0, nada lol. I don't think I can still use myfico products because they pull EQ right?
Message 6 of 9
Anonymous
Not applicable

Re: Student Loans Reporting!



braznyc wrote:
OK, I just did a pull on TC and now TU has the loans, EQ shows nada still, sighhhh.

My Fakos are TU 603 EXP 578, EQ zip, zero 0, nada lol. I don't think I can still use myfico products because they pull EQ right?

ScoreWatch uses EQ.  But you can pull individual reports and scores for all three, or just one or two.
 
Even if you don't have an EQ score, you can still get your TU and EX reports and scores through myFico.
 
Message 7 of 9
haulingthescoreup
Moderator Emerita

Re: Student Loans Reporting!


@braznyc wrote:
OK, I just did a pull on TC and now TU has the loans, EQ shows nada still, sighhhh.

My Fakos are TU 603 EXP 578, EQ zip, zero 0, nada lol. I don't think I can still use myfico products because they pull EQ right?


You can pull your EX and TU FICO's individually using FICO Standard (one for each.) I don't think that having an "empty" EQ file would be a problem, but I'm not sure.

You wouldn't be able to do Scorewatch (EQ alone) or Credit Complete (all 3.) Don't know if you could enroll in Suze and defer viewing the EQ until it's there --I don't know how that works.

Be sure to first Google fico coupon or fico discount code. You should be able to find at least 15% off.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 8 of 9
braznyc
Frequent Contributor

Re: Student Loans Reporting!

You are 100% correct from what it looks like I can use the fico standard services. You have been an immense help to me, man there should be some kind of virtual money for all the help we get around here. This place is awesome!
Message 9 of 9
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