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.
04-11-2013 03:30 PM
Is that a true FICO score? That is quite a drastic drop.
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.