cancel
Showing results for 
Search instead for 
Did you mean: 

57 Point Drop! (Vantage Scores, so far)

DommieD
Regular Contributor

57 Point Drop! (Vantage Scores, so far)

Ugh, this is a real blow. I put my student loans in deferment for the first three months of the year, so I can use the money to pay down some credit, esp. since my student loan payment went up $200+ this year. This morning I get the alert from Credit Karma. Navient reported to Equifax that my loans are in deferment and that $1100 in interest has accrued. I have searched the archives on this subject, but not much there. Does anyone have a sense if this will also hit Fico in the same way and if the score can be recovered once the deferment ends in April? Ugh. Ugh. Ugh. That drop represents all the progress of last year. Just devastating. 

Current Fico:
As of April 2018:


4 REPLIES 4
Revelate
Moderator Emeritus

Re: 57 Point Drop!

I don't think it will affect FICO at all honestly but I don't know enough about student loans and their reporting.  If you would please post what does actually happen when you get your next set of FICO scores.

 

Vantage has some squirrley things as you suggest, don't worry about what VantageScore does, it's used incredibly rarely for anything we're aware of.

 

You may want to edit your title to reflect the fact it's Vantage Smiley Happy

 

 




        
Message 2 of 5
DommieD
Regular Contributor

Re: 57 Point Drop!

Thanks! Have been searching around some more and it seems people have experienced a deferment/forebearance effecting their Fico scores as well. Will follow up with what happens with mine. Sigh. Didn't even think about how a deferment would effect my score. Sigh.  

Current Fico:
As of April 2018:


Message 3 of 5
kxkxkxx
Regular Contributor

Re: 57 Point Drop!

Please let us know what you find out, because I was reading this:

 

Will It Affect Credit Score?

One of the common misconceptions is that using deferment or forbearance will have a negative effect on your credit score. It will not.

Student loan deferment and forbearance will be noted in your credit reports, and neither will hurt your overall credit score. 

 

However, your credit score will be affected if you are late or miss a payment prior to deferment or forbearance approval.

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 4 of 5
DommieD
Regular Contributor

Re: 57 Point Drop!

Hi 

 

 

Current Fico:
As of April 2018:


Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.