Regular Contributor
audia4
Posts: 591
Registered: ‎11-08-2012
Re: Does having a student loan help or hurt your credit?

Sorry, I'm not seeing how you are quoting what I'm saying, so I can't figure out how to quote back, so I copied.

 

audia4 wrote:

Oh my gosh, you are totally right. I wrote it down wrong. My FICO score on here says 710, which is Equifax and my Ex last time was 743. So I guess it has dropped 33 points?

     You can't compare what happens with your EQ or TU score with what happens with your EX score.  They are all different, & different factors will raise or lower your score differently with each scoring model.  Just because your EQ drops 10 points, for example, doesn't necessarily mean that your other scores also dropped exactly 10 points.  Maybe they only dropped 5.  Know what I mean?  You can only compare apples to apples, not apples or oranges :smileyhappy:

 

But like I said, I'm not compairing the Equifax to Transunion. I'm comparing my Equifax from here, which is 710 to my Equifax from April, which was 743. So it's comparing apples to apples. I just have the abbreviations mixed up. So I'm typing it out from now on. LOL

 

I have been doing a lot of reading since posting this and I'm reading that you should never charge more than 30% of your cc limit. So my limit is only $300 and 30% of that would only be $90 a month in charges. I've been charging between $160 to $290 each month (and paying in full) thinking that it would help my credit scores and prove that I can charge a higher amount and still PIF. I'm now guessing this is not the case and could have lowered my score? (Which is what I have been reading, that people have lowered their scores anywhere from 10-40 points by having a bad ratio on the cc's).

     You can charge whatever you like throughout the month, & paying in full is an excellent habit.  What people are recommending is that when your statements come out, that the balance being reported on them (which is usually what gets reported to the credit bureaus) is less than 30%.  The best is to have it below 10%, but 30% is not going to cause your scores to plummet hundreds of points.  The ratio you mentioned is the utilization, the percentage of your credit you are using.  Usually when people are talking about it, they are talking about what is being reported to the credit bureaus, or what utilization they are carrying right now, meaning the balances on their credit cards at that particular moment, usually because they want to apply for something (new card, car loan, etc.)

 

Sorry, I didn't know the correct "terminology" to use for what I was reading. Yes, I was referring to the utilization percentage. Since my balance at the time I pulled this report today is well over the 30% utilization limit I wondered if that hurt me. (Since the cc has obviously not updated my account yet this month because I PIF about 2 weeks ago for a balance that wasn't even due until this month).

 

Where do you suggest is the best place to get the scores? Only on here? So the 710 Equifax score they gave me here would be the correct one right? Would I have to purchase the TU on here as well in order for it to be the correct score?

     I get my scores here, & there are certain credit unions that offer scores to their members that some of us belong to in order to get our scores that way.  The TU model here is a little outdated, but it is still used.  You will see many threads about people wanting to get the Walmart card, because you can get the newer model TU score for free each month.  Yes, the EQ score you get here is accurate, & I would recommend getting your TU score here so that way you know for sure you are getting a true FICO score.

 

Yes, I read about the free Transunion score on there and decided to apply. I got the "you will receive something in 7-10 days" reply. So, I did some research on here and found a number to call. I do know that there is a freeze on my transunion account that I placed on there 2 years ago and other companies are not able to pull my report because of it. I read on here others that had to call to verify who they were because of it. So I called. They told me instantly that I was denied and he had no reason why but I would get something in the mail in 7-10 days. Now I'm upset that I even tried since I now have a hit on my credit after this. :smileysad:

 

Why can you no longer get a Experian score? Is this score used by creditors? I guess I didn't realize this and don't understand why?

     Experian decided to stop making its scores available to the general public a couple of years ago.  No one really knows specifically why, but we all guess it's because they wanted to push their own model onto consumers instead.  Yes, many creditors use your EX score; Citibank in particular uses EX a lot (at least that has been true for me).  It can often vary on geographical region, what score a creditor will use.  Don't worry, lots of people don't realize that it's next to impossible to get your EX score now, so you are definitely not alone :smileywink:


 

 That just doesn't sound right that they can keep your score from you at Experian. There should be some law against that since it should be your knowledge to know how they are rating you.  :smileysad:

TU: 804 EQ: 810 EX 785


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