topic Re: Do you have several student loans? in Student Loans

Do you have several student loans?

Anonymous — Sun, 17 Sep 2017 17:54:15 GMT

Do you have several student loans? That means that when you pull your reports, you have at least four different open accounts, each listed as a student loan. If you have more than four, that would be ever better. Actually they don't all need to be student loans, but I figured the student loan board would be the easiest place to find someone with several installment accounts.

Also, I am looking for loans that ideally are not in deferment. You have been making regular payments on them for at least a couple months and they are all in good standing.

Finally, I am also looking for somebody who has multiple credit cards. At least three, but four or five would be a little better. You need to be in a position where you could pay all of your CC debt down to a very small amount if you wanted to.

If all of these things apply to you, you might be a huge help to us over in the Understanding FICO Scoring board, where the geekier people try to figured out the details of how the scoring models work.

A known scoring factor is the number of open accounts that are showing a positive balance. The more you have, the worse it is supposed to be. People have guessed that this applies only to revolving accounts, like credit cards, but that is not what FICO says. It just says "accounts." So we need someone who already has several open installment accounts. If such a person had six (for example), then having all of his credit cards show a positive balance might not affect his score, (He already had a bunch of installment accounts with a positive balance.) But if all FICO considers with this factor is revolving accounts, then you would be affected the same way as a person with zero or only one loan.

If anybody thinks they might be in a position to help test this, let me know, either on this thread or by a PM.

Re: Do you have several student loans?

dragontears — Sun, 17 Sep 2017 21:42:17 GMT

Sounds like an interesting data point experiment. If I wasn't currently doing a 0% BT (5 months till it is paid off) I would be willing to help generate data points. I have 4 open loans (mortgage, car loan, personal loan and a student loan) and 10 credit cards which are PIF except for the BT card.
Best of luck finding someone to generate data points on this

Re: Do you have several student loans?

Anonymous — Fri, 17 Aug 2018 18:07:59 GMT

@Anonymous wrote:
Do you have several student loans? That means that when you pull your reports, you have at least four different open accounts, each listed as a student loan. If you have more than four, that would be ever better. Actually they don't all need to be student loans, but I figured the student loan board would be the easiest place to find someone with several installment accounts.

Also, I am looking for loans that ideally are not in deferment. You have been making regular payments on them for at least a couple months and they are all in good standing.

Finally, I am also looking for somebody who has multiple credit cards. At least three, but four or five would be a little better. You need to be in a position where you could pay all of your CC debt down to a very small amount if you wanted to.

If all of these things apply to you, you might be a huge help to us over in the Understanding FICO Scoring board, where the geekier people try to figured out the details of how the scoring models work.

A known scoring factor is the number of open accounts that are showing a positive balance. The more you have, the worse it is supposed to be. People have guessed that this applies only to revolving accounts, like credit cards, but that is not what FICO says. It just says "accounts." So we need someone who already has several open installment accounts. If such a person had six (for example), then having all of his credit cards show a positive balance might not affect his score, (He already had a bunch of installment accounts with a positive balance.) But if all FICO considers with this factor is revolving accounts, then you would be affected the same way as a person with zero or only one loan.

If anybody thinks they might be in a position to help test this, let me know, either on this thread or by a PM.

I just saw this thread. Wow, I am glad there are other enthusiasts other than me for gathering data points on scoring model. lol.