topic Re: Student loan credit limit decrease after payment in Student Loans

Student loan credit limit decrease after payment

GreyvyTrain — Fri, 13 Sep 2024 02:32:35 GMT

In July I made a payment towards my student loans, and while I gained 16 points via EX I also got this message today: CENTRAL RESEARCH INC/D lowered your Credit Limit.

It appears they lower the credit limit to the amount left owed? Anyone have any info on this? I searched the web but only found some decade old reddit posts. I should note there also has not been an actual notifcation via EX that I paid the loan down, just showing on the actual report. Just looking to see if anyone has any insight.

Re: Student loan credit limit decrease after payment

GZG — Fri, 13 Sep 2024 07:23:56 GMT

@GreyvyTrain wrote:
In July I made a payment towards my student loans, and while I gained 16 points via EX I also got this message today: CENTRAL RESEARCH INC/D lowered your Credit Limit.

It appears they lower the credit limit to the amount left owed? Anyone have any info on this? I searched the web but only found some decade old reddit posts. I should note there also has not been an actual notifcation via EX that I paid the loan down, just showing on the actual report. Just looking to see if anyone has any insight.

feels like experian website jank, I'd grab a report from: https://www.annualcreditreport.com/index.action to confirm, but feels like just a misreading of your experian report by ... experian lol

Re: Student loan credit limit decrease after payment

Tiggr — Sun, 15 Sep 2024 22:12:17 GMT

Weird, I haven't had my student loans accounted for as part of my CL. Like the other reply, just seems like a weird reporting by Ex

Re: Student loan credit limit decrease after payment

mau471 — Fri, 20 Sep 2024 23:22:05 GMT

Are you still in deferrment by chance? Mohela did this to me with payments I made before I officially entered repayment but stopped once my regular payments started.

Re: Student loan credit limit decrease after payment

GreyvyTrain — Mon, 23 Sep 2024 01:52:10 GMT

@mau471 Yes, they are deferred until 2028. I just make payments when I have extra money, and just so happened to be able to pay them down to nearly nothing (before the next installment of them hit).

Re: Student loan credit limit decrease after payment

mau471 — Fri, 27 Sep 2024 14:52:31 GMT

@GreyvyTrain wrote:
@mau471 Yes, they are deferred until 2028. I just make payments when I have extra money, and just so happened to be able to pay them down to nearly nothing (before the next installment of them hit).

Yeah, this seems to be pretty typical then. At least in my case thats exactly what happened, I didn't have the cash to pay for it all while I was attending school so I took out loans and paid them down as much as possible and they essentially balance chased me whenever they would update my CR. I don't think it really matters much since its not a line of credit. I saw no discernable impact to my score with the updates.