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New Student Loan

BMW_328i
New Contributor

New Student Loan

Hello, As always, I searched for this topic but to no avail I took out my first federal loan for this semester and it posted to my reports. Given, deferment until graduation, will the loan report every month? The status states "current". Also, I know I will benefit in the long run for the age, will I also get points during deferment? Thanks in advance!
Starting FICO 8s | 01/2020: EQ 495 ✦TU 471 ✦ EX 505
6Month FICO 8s | 06/2020: EQ 576 ✦ TU 533 ✦ EX 543
7Month FICO 8s | 07/2020: EQ 598 ✦ TU 530 ✦ EX 567
12Month FICO 8s | 01/2021: EQ 606 ✦ TU 589 ✦ EX 576
15Month FICO 8s | 04/2021: EQ 634 ✦ TU 613 ✦ EX 598
Message 1 of 4
3 REPLIES 3
dragontears
Valued Contributor

Re: New Student Loan


@BMW_328i wrote:
Hello, As always, I searched for this topic but to no avail I took out my first federal loan for this semester and it posted to my reports. Given, deferment until graduation, will the loan report every month? The status states "current". Also, I know I will benefit in the long run for the age, will I also get points during deferment? Thanks in advance!

What do you mean by "get points during deferrment"?

If you are asking whether the account will contribute to aging metrics during deferrment the answer is: yes all accounts (open or closed) contribute to aging metrics for the FICO algorithms, deferrment/forbearance doesn't change the fact that the account is present on your reports. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 4
BMW_328i
New Contributor

Re: New Student Loan

Basically, I want to confirm that, even though I'm not currently making payments, I would yield the same points as if I were payment payments. I have a thin file so I'm hoping this will help in the short term.
Starting FICO 8s | 01/2020: EQ 495 ✦TU 471 ✦ EX 505
6Month FICO 8s | 06/2020: EQ 576 ✦ TU 533 ✦ EX 543
7Month FICO 8s | 07/2020: EQ 598 ✦ TU 530 ✦ EX 567
12Month FICO 8s | 01/2021: EQ 606 ✦ TU 589 ✦ EX 576
15Month FICO 8s | 04/2021: EQ 634 ✦ TU 613 ✦ EX 598
Message 3 of 4
ccquest
Established Contributor

Re: New Student Loan

Yeah it adds to your aging metrics, but a loan that goes down in balance helps more than a 90+% loan.
as of 4/1/21
Current Cards:
Message 4 of 4
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