04-11-2013 12:21 PM - edited 04-11-2013 12:22 PM
Today my student loan for 11k was addred to my credit report and dropped my score from 683 to 555. My loan is still deferred because I completed grad school last year. I read the possible reasons that myfico provided which are:
The following are reasons why a change to an account can cause your FICO® score to go up. (A change to an account in the opposite direction can cause your score to go down.)
Is this a temporary decrease because the account was just added to my report or will I have to suffer? FYI I also have 3 credit cards (Amex, 2 Cap 1) that are in great standing, so I don't even know how to increase my score again. I got the alert today and felt so terrible after I saw this.
04-12-2013 04:44 AM
It's the Equifax score through ScoreWatch from Myfico. I went ahead and pulled my Transunion score and that is 683 even with the student loan so I'm not sure what is going on with Equifax.
04-12-2013 05:31 AM
That is a huge drop for one new account showing up. Do you have a full report from before the drop and after? You should compare two reports carefully to see what changed.
04-12-2013 05:31 AM
Looks like it just affected the average age of accounts, being that your probably younger since your in school, your history is just shorter. It probably had a greater affect because of this, should get better soon though. My student loan reporting recently did this to my score as well.
04-12-2013 11:39 AM
I pulled the Transunion report and the Equifax report and the acocunt has been on both reports since 2003 when I started school( I previously thought the decrease was from a new loan). The reason for the decrease in my score was an increase in my student loan amount by $90. Both accounts show the exact same increase amount so I'm just so baffled as to why my Equifax score would drop to 555 for $90 but Transunion still has me at 683. Also, I checked one of my credit cards that gives me an Experian credit score and that number is 660.