773 to 715 due to new Student Loans

Anonymous · ‎09-09-2015

Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?

Thomas_Thumb · ‎09-09-2015

@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?

Yes, 12 student loans will negatively impact score. Best to consolidate into one student loan program. Have you looked at unsubsidized (assuming you don't qualify for subsidized) Federal Stafford loans?

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950

JagerBombs89 · ‎09-09-2015

@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?

Why not just see if your school can disperse loans once a semester? That would cut the number of loans in half: once in the fall and once in the spring. If they are giving you 2 loans per semester, that would be a total of 2 loans per 2 semesters x 4 years for a total of 16 student loans.

Follow my story, road to 800!

From 800 to Foreclosure - Effects of Negatives

Anonymous · ‎09-10-2015

@Thomas_Thumb wrote:
@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?
Yes, 12 student loans will negatively impact score. Best to consolidate into one student loan program. Have you looked at unsubsidized (assuming you don't qualify for subsidized) Federal Stafford loans?

One loan is subsidized the other is unsubsidized. Both Federal direct. Will they just add to these loans every semester. I noticed they have a company which manages it?

@JagerBombs89 wrote:
@Anonymous wrote:
Wow.

2 student loans for about 2-2.5k each just showed up on my credit report and Transunion dropped in score.

I plan to be taking loans for the next 3.5 years. So I assume they will add 2 new loans every semester? That will be 6 more semesters of loans.

Will I end up getting 12 new accounts over 3.5 years? Isn't that really bad for my credit report?

Or will it the impact reduce as my AAoA increases?
Why not just see if your school can disperse loans once a semester? That would cut the number of loans in half: once in the fall and once in the spring. If they are giving you 2 loans per semester, that would be a total of 2 loans per 2 semesters x 4 years for a total of 16 student loans.

These are 2 different different loans (subsidized and unsubsidized), so that is why they are showing up like that?