Reply
Established Member
Posts: 14
Registered: ‎03-25-2010
0

Fico Simulator and paying off student loan

[ Edited ]

I have a delinquent balance on a student loan.

 

I was always under the impression paying something off did nothing for your score.

 

However, the simulator says that if I pay off my student loan I will gain 30 to 70 points.

 

Is this realistic?

Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Fico Simulator and paying off student loan

It would depend on what was delinqent.  Paying a CA or PR will not change your score.  Paying the OC could, depending on what it is.

 

A student loan is an installment loan and has little impact on your FICO score.  YMMV as I have seen some gain a point or 2 and others none.

 

As for the simulator, I can't say I really trust it.  Sometimes it can be spot on others it is way off.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.