Re: Does having a student loan help or hurt your credit?
11-08-2012 02:07 PM
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!
& Welcome to the forums!!!