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Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
Re: Does having a student loan help or hurt your credit?

audia4 wrote:

I pulled my credit report back in April this year and my score for Experian was 780.

     Where did you get an EX score from?  You cannot purchase a true Experian score anywhere.  Do you mean Equifax by any chance?


I was so proud of all of my hard work. I signed up here today and pulled my credit again and now it reports 710??

     You have 3 different scores:  TransUnion, Equifax, & Experian, & they are almost never the same.  You can get the first 2 here.  Did you buy an Equifax score?


Is it possible that my student loan going up is the problem? In April I only owed $11,500 and now it's only $15,000 so I can't imagine it making this much of a difference.

     Your installment balances slowly creeping up will hurt your score, yes, but definitely not 70 points.  Installment accounts are only 10% of your overall scores, so I don't think that is the problem.  I think you might be comparing 2 different scores.


What is my next step? Should I apply for another cc this early (7 months after I got the other one)?

     Generally, people recommend having 2-3 cards to help your score the most.  I would focus on getting my accurate scores first, & then see if I'm in a position to apply for a new card.  Hope that helps!  Smiley Happy

& Welcome to the forums!!!

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.