Student Loans

[wche]

Hi everyone,

I had a 19k DOE student loan for 4 years. I paid it off last month and it finally posted on my CR today. I updated my CK score and it dropped from 754 to 730....why is that? Is it because my AAoA is now decreased? 

Thanks for any input!

[bahbahd]

The paid off SL is not responsible. If the account is in good standing with no missed payments or declaratory comments. This account should stay on your credit reports as a positive account for 10 year, only benefiting your FICO score and over all credit profile. AAOA for paid off vs still paying SL is the same. The age begins at the disbursement date.

There could be something else negative on your account that you are not seeing right away.

[wche]

The only thing that changed was "4 accounts have been closed," which are the 4 loans I had on my account. Everything else remained the same, yet my CK score dropped 24 points...

[mmmlive1999]

CK score is  what we call FAKO. It is a fake score sold to consumers and is not used by lenders, you are honestly wasting your time looking at it because it fluctuates wildly every time a payment is made.

If you want your true Transunion score( FICO) you can obtain one from a lender or this site

On the CK site I have found the Vantage Score to be the closest to my real FICO, but it is not that way for everyone.

[llecs]

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mmmlive1999 wrote:

CK score is  what we call FAKO. It is a fake score sold to consumers and is not used by lenders, you are honestly wasting your time looking at it because it fluctuates wildly every time a payment is made.

If you want your true Transunion score( FICO) you can obtain one from a lender or this site

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+1....Their FAKOs factor in stuff that FICO doesn't. I doubt oyur FICO dropped. If most of your TLs are reporting balances, I'd argue you probably experienced a small increase as FICO is concerned.