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Score bump...did fixed rate cause it?

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Regular Contributor

Score bump...did fixed rate cause it?

 

Hi everyone.

 

I am enrolled in a rehab program with ACSI for 1 of my Wells Fargo student loans. I made my 1st payment on 6/1 and today I got a SW alert. I'm glad to say my score jumped 8 points Smiley Happy & per SW, it was due to a change in my WF account. I compared my cr's & the only difference I see is in comments- they added "Fixed Rate" to it. Could this have caused the score increase and I feel dumb asking this Smiley Embarassed but someone please explain to me what fixed rate is. Does it mean they are no longer adding interest??

 

Thanks!

**PERSISTENCE & PATIENCE*
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3 REPLIES
Senior Contributor

Re: Score bump...did fixed rate cause it?

Hi!  Congrats on getting your rehab started Smiley Happy

 

Fixed rate is probably referring to your interest rate.  Was it variable before?

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Regular Contributor

Re: Score bump...did fixed rate cause it?

Thanks @ laz98! I wish I knew about the program before, I would've taken advantage of it sooner. I'm assuming it was variable b/c the amount of the original loan & the amount now are different. I didn't pay as much attention as I should've but now I know better. Lol
**PERSISTENCE & PATIENCE*
NFCU GoRewards $24K || Macy's $7K || Capital One VentureOne $2K || Capital One Quicksilver $2K || Capital One QuicksilverOne $1750 || HHFCU Platinum CC $2K || Discover It $1500 || Zales $1750 II Amex Everyday $1K
Senior Contributor

Re: Score bump...did fixed rate cause it?

I know how you feel.  I think we've all learned something about our student loans that way!  Smiley Happy

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.