@Anonymous wrote:why would a score come down when each month the balance decreases on overall debt, but go up when a student loan for our son was taken out?
it doesn't make sense to me
thanks!
Welcome to the forums. FICO grades on a mix of credit, meaning revolving and installment. If you previously did not have any installment loans on your credit, opening a student loan could get the score to increase.
As for the balances, your score usually goes up as your utilization goes down, but there are exceptions. Could you elaborate on balance decreases on overall debt? Are you talking credit card debt over multiple cards, one card, different debt, etc?
