cancel
Showing results for 
Search instead for 
Did you mean: 

Score bump...did fixed rate cause it?

Highlighted
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** NFCU Amex $25K || NFCU GoRewards $24K || Macy's $11.5K || NLOC $6K || CO QuickSilver $5750 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || US Alliance Sig. LOC $2K || Zales $1750 || Discover IT $1500 II Amex ED $3K || VS $500

TOTAL: $85.5K
Message 1 of 4
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.
Message 2 of 4
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 Amex $25K || NFCU GoRewards $24K || Macy's $11.5K || NLOC $6K || CO QuickSilver $5750 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || US Alliance Sig. LOC $2K || Zales $1750 || Discover IT $1500 II Amex ED $3K || VS $500

TOTAL: $85.5K
Message 3 of 4
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.
Message 4 of 4