Monthly student loan payment; score increase???????

[Anonymous]

Of course this should be common sense to me but I'm starting out to understand credit thanks to you guys. So next month I will start paying my student loans through navient who are AMAZING. Will the monthly payment help my score go up if show how many points will I see each month when the payment is made?? 

Between lowering my utlization and paying my loans on time I hope it will help my score go up. 

cant wait to get your advice, Thanks in advance. 

[Anonymous]

From my understanding is that yes, your score will only go up(ever so slightly) so long as you keep your  revolving tradelines utilization <30% and keep knocking those student loans down. After the student loans are PIF, you will probably see a slight decrease in your credit score.

Again this is my understanding and I could be wrong. Are you just paying the interest rate or are you paying down on the principal after you made your interest payment? (You will need to let Navient know this is your intentions with your extra payments btw. Reminder: These loans accrue DAILY) Otherwise, it will go towards your future interest payments(not what you want).

Source:  A lot of reading on here and I'm a student myself.

[Anonymous]

student loans are not revolving debt, they are instalment loans. yes it will help your credit, the proper mixture of both revolving and instalment debt will boost your score, try and keep your revolving debt ( credit cards ) below 10% for max score.

[Anonymous]

@CelestialProduct my mother is the co signer of my private loans so I have to pay the principal for 12 months first to release her from my loans which is what I will be doing

[Anonymous]

@smalls92 I was going to ask what is a revolving debt so thank you for clarifying that...Thanks for your advice I appreciate it 

[Anonymous]

Correct. I didn't mean to confuse anyone by mentioning the student loans and revolving debt in the same sentence without clearly identifying the differences. Keep doing what your doing and you'll be fine! Do you have any revolving tradelines?(IE: Primary or Authorized user on any credit cards secured or not)

Quick and dirty definintion of a revolving tradeline: Is an account that you are given with a set amount. You can run up a balance and once you pay off that balance, that set amount has become available for you to use again.

[Anonymous]

@CelestialProduct 

Capital One Secure: $500 

Credit One Bank: $400 (SERIOUSLY HATE THEM)

Kohls: $300

Capital One Platnium Mastercard: $500

Capital One Quicksilver Mastercard: $500

LOL thank you so much for explaining everything, I am such a newbee  

[Anonymous]

We all start somewhere. My suggestions would be to start reading some of the FAQs on here and get familiar with the lingo and terms used. It's overwhelming I know but the more you read, the easier it becomes. I promise you that.

[Anonymous]

@CelestialProduct hahaha thank you so much you are a god send...quick question, I hope you can answer this for me...You see how you have a picture of your cards on your profile?? How do I add that and my scores as well??

[Anonymous]

HTML tagging(not sure how "tech-saavy" you are but essentially this code pasted into your signature.

Credit Card Pictures:

<img src="replace this text with a card image URL" height="60" width="60" border="0">

You can obtain a card image location by right clicking on an image and selecting "Copy Image Location"(this feature is available on Firefox and YMMV depending on browser)

As far as the scores and what not. It's a simplier since it's just plain text. IE:

Score 1

<br>Score 2

<br> Score 3

The "<br>" tag is a break line tag. To get a separater, we can use the <hr> tag. Good luck!