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My DD was approved last month for a Chase FU via mailer she received. She only got a $800 SL, but is plenty for getting her feet wet and joining the Chase family. At that time, her FICO8 was around 760 for all 3 bureaus. She applied a bit early with only having her first card (Disco Chrome Student) @ 11 months old and AMEX @ 6 months old. The reasoning behind applying a month or two earlier than originally planned was because of her student loans for this semester were due to hit the CRA's soon.
Well, yesterday they hit like a ton of bricks. Her EX score dropped far more than we anticipated (not able to check the other scores yet). Her EX FICO8 dropped 42 points, from 758 to 716.
Will this major drop scare Chase and possibly cause some sort of adverse action??? Is there something we can do to help ease Chase, such as going AZEO? Normally don't do AZEO with her account, just pay off the previous month's balance on the Disco and carrying a balance @ 0% from AMEX, and we will be paying her new CFU to $0 before her first statement cuts next week.
Here are some shots of the loans. Notice how the 2nd loan was essentially paid off on the reports until yesterday, so it looks like they changed/created a "new" loan with only this semester's charge and removed the last semester's account. We plan on returning the 2nd loan amount back to the loan before the 120 day "grace period" (won't be charged fees or interest if fully returned in that window). It was taken out just in case it would be needed for apartment shopping for Fall semester.
There should be no issues either way. The loans will still affect AAoA but that's it. If the loans were very late or in default, that might be a different matter. But I don't see any potential AA and most of those points should come back as soon as the balance to original loan amount isn't "maxed."
@K-in-Boston wrote:There should be no issues either way. The loans will still affect AAoA but that's it. If the loans were very late or in default, that might be a different matter. But I don't see any potential AA and most of those points should come back as soon as the balance to original loan amount isn't "maxed."
Thanks, and hoping you are 100% correct!
I didn't anticipate them changing the origination date on that 2nd loan, and I didn't anticipate them halving the original loan amount either. She got a nice boost from having a nearly paid off loan last semester, but now with 2 loans showing a balance over 100% UTI... YIKES!!
Also, Med school is &%#$! expen$ive! LOL