topic Re: Do student loans in deferment count as positive info for Fico 08? in General Credit Topics

Do student loans in deferment count as positive info for Fico 08?

Anonymous — Tue, 23 Jun 2015 03:43:42 GMT

I have read conflicting things so thought I would ask. My secured loan runs out in 4 months and I'm not sure if I want to pay the interest just to open another secure/sig loan for credit purposes.

I do have student loans that report as installment but are currently deferred.

Will these suffice for credit score? I really don't want to see a huge score drop when I pay off my secured loan in 4ish months. Any help/info appreciated.

Re: Do student loans in deferment count as positive info for Fico 08?

gdale6 — Wed, 24 Jun 2015 20:59:48 GMT

@Anonymous wrote:
I have read conflicting things so thought I would ask. My secured loan runs out in 4 months and I'm not sure if I want to pay the interest just to open another secure/sig loan for credit purposes.

I do have student loans that report as installment but are currently deferred.

Will these suffice for credit score? I really don't want to see a huge score drop when I pay off my secured loan in 4ish months. Any help/info appreciated.

SLs are installment loans I dont see a problem even though they are deferred

Re: Do student loans in deferment count as positive info for Fico 08?

Anonymous — Thu, 25 Jun 2015 02:22:56 GMT

they get reported as "paid as agreed" but the balance just doesn't go down

Re: Do student loans in deferment count as positive info for Fico 08?

takeshi74 — Thu, 25 Jun 2015 12:20:32 GMT

@Anonymous wrote:
Will these suffice for credit score? I really don't want to see a huge score drop when I pay off my secured loan in 4ish months. Any help/info appreciated.

There's usually a small impact to paying off an installment but it's generally not recommended to just open a new installment solely for scoring purposes. Mix of credit is a small factor and, as stated above, your student loans are installments though they will have a high loan to balance ratio if they're still in deferrment. If you're worried about your score then focus on the bigger factors first.