Senior Contributor
Posts: 4,329
Registered: ‎09-06-2008
Re: Does having a student loan help or hurt your credit?

audia4 wrote:

Thanks for the welcome and your help.


When I pulled my credit back in April, I pulled all 3 of them with the once a year free credit reporting agency and purchased the scores with them at that time. Yes, those were the scores for each one of them that I bought.

     The scores you get from the credit bureaus are not FICO scores (with the exception of one EQ score, but it can be difficult to know if you are buying the right one or not.  I have purchased the wrong one before myself.


I'm aware that I have 3 different scores. They were all 3 different. The only score that I have received from here is the Experian score that you get with your report with the 10 day free trial. I'm comparing that score to the score that I purchased for Experian 7 months ago in April.

     You can no longer get an EX (Experian) score here.  I believe you mean an EQ score, or Equifax, which is what comes with the ScoreWatch trial.  Is that the product you are referring to?


Do you think I should be paying "something" on my student loans right now even though I'm not required to pay anything until I graduate (which will be May 2014)? Or is it good to have those loans on there reporting as credit? I haven't exactly figured out if having the students loans help you or hurt you?

     In general, student loans help because of the length of time that they usually end up being on people's reports.  Often times they are the longest open accounts people have, & as long as they are positive, they are definitely helping you.  At some point, no one really knows the number, the amount of student loan debt you are carrying does begin to hurt you, for instance, if you are trying to buy a house.


So if my 710 score from here is the now "accurate" score, which cc should I try to get? I have the Orchard (with only the $300 limit), is there another one that is fairly simple to get with my score and that is unsecured? I would only be getting one to rebuild my credit and paying it off every month in full.

     I'm not good with credit card recommendations, so I'll let others chime in here.  I've heard mixed things about the Chase Freedom, as far as how hard or easy it is to get.


I have seen people on other boards and the internet say they usually have some luck with Chase Freedom Visa. Is this a fairly good and easy one to get with my history?

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