topic 773 to 715 due to new Student Loans in Understanding FICO® Scoring

773 to 715 due to new Student Loans

Anonymous — Wed, 09 Sep 2015 15:54:14 GMT

Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?

Re: 773 to 715 due to new Student Loans

Thomas_Thumb — Wed, 09 Sep 2015 17:22:36 GMT

@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?

Yes, 12 student loans will negatively impact score. Best to consolidate into one student loan program. Have you looked at unsubsidized (assuming you don't qualify for subsidized) Federal Stafford loans?

Re: 773 to 715 due to new Student Loans

JagerBombs89 — Wed, 09 Sep 2015 18:25:17 GMT

@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?

Why not just see if your school can disperse loans once a semester? That would cut the number of loans in half: once in the fall and once in the spring. If they are giving you 2 loans per semester, that would be a total of 2 loans per 2 semesters x 4 years for a total of 16 student loans.

Re: 773 to 715 due to new Student Loans

Anonymous — Thu, 10 Sep 2015 20:16:45 GMT

@Thomas_Thumb wrote:
@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?
Yes, 12 student loans will negatively impact score. Best to consolidate into one student loan program. Have you looked at unsubsidized (assuming you don't qualify for subsidized) Federal Stafford loans?

One loan is subsidized the other is unsubsidized. Both Federal direct. Will they just add to these loans every semester. I noticed they have a company which manages it?

@JagerBombs89 wrote:
@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?
Why not just see if your school can disperse loans once a semester? That would cut the number of loans in half: once in the fall and once in the spring. If they are giving you 2 loans per semester, that would be a total of 2 loans per 2 semesters x 4 years for a total of 16 student loans.

These are 2 different different loans (subsidized and unsubsidized), so that is why they are showing up like that?