Student Loans

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iamdetermined
Posts: 90
Registered: ‎05-05-2012

Score bump...did fixed rate cause it?

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‎06-21-2012 04:47 PM

 

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 :smileyhappy: & 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 :smileyembarrassed: but someone please explain to me what fixed rate is. Does it mean they are no longer adding interest??

 

Thanks!

PERSISTENCE & PATIENCE ARE THE KEY!!
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laz98
Posts: 4,237
Registered: ‎09-06-2008

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

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‎06-21-2012 07:21 PM

Hi!  Congrats on getting your rehab started :smileyhappy:

 

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

latest scores: Walmart TU: 730. MyFICO TU: ---. DCU EQ: 716. PSECU EX: 705.
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iamdetermined
Posts: 90
Registered: ‎05-05-2012

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

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‎06-21-2012 08:07 PM

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 ARE THE KEY!!
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Community Leader<br> Senior Contributor</br>
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laz98
Posts: 4,237
Registered: ‎09-06-2008

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

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‎06-21-2012 08:16 PM

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

latest scores: Walmart TU: 730. MyFICO TU: ---. DCU EQ: 716. PSECU EX: 705.
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