02-19-2013 03:25 PM
Hi everyone! I just had one of my student loans deferred cause I'm back in school, one was inelligible for whatever silly reason. No big deal, I can afford to pay them, but I was wondering what, if any, affect the deferrment would have on my credit score?
02-25-2013 10:26 PM
Looking at it from a linear prespective, deferments do not affect your score as long as you pay when payments are due. On the other hand, since your FICO score is the sum of a number of components like your total debt balance and the number of balances on your accounts, your score might take a small hit.
02-26-2013 12:39 PM
Yup, while your student loans are deferred your monthly payment is basically set to $0 and your account should be updated "Paid as Agreed" or something like that each month.
I definitely did notice that after graduating my PSECU FICO went from the 805-815 range down to around 780 for no apparent reason where it's stayed since. I've had no new accounts, utilization increase or anything of the like either.
Experian FICO (Highest - 5/12): 824 | Experian FICO (12/12): 769