Revolving Account?

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4 posts
Capital
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Revolving Account?

Postby Capital » Wed Jul 20, 2011 12:29 pm

This is a pretty straightforward question. I have several federal student loans as well as a single private student loan through my local credit union. According to my last statement, I have a balance of $20,571 and a CL of $25,178. Since my private student loan reports and acts like a revolving account (as opposed to an installment account), I am wondering if this loan is taken into consideration when calculating my 'credit card' usage? Might it be possible to convert this loan to an installment account where the terms are fixed and I cannot draw on a credit limit? Would this equate to 'closing' the account? Thanks!


DarkLabel
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Postby DarkLabel » Thu Jul 21, 2011 11:00 pm

Hmm, why would your student loan be considered revolving? Mine are considered Installments in good standing. I would highly suggest calling the bureaus to fix the situation because I believe it would be considered high utilization which won't bode well for your credit score.

What range are your 2 credit scores in because of this?

Capital
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Postby Capital » Fri Jul 29, 2011 12:36 am

EX723 and TU723. I don't think it's a reporting issue because when I set the loan up, I had to make 'draw requests' to have funds disbursed to my school and I had a 'credit limit' to begin with. I will call the bank tomorrow. Maybe the loan converts to an installment account when I enter repayment in December? I've already graduated and the bank won't let me make any more draw requests.

DarkLabel
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Postby DarkLabel » Sat Jul 30, 2011 11:07 am

Capital wrote:EX723 and TU723. I don't think it's a reporting issue because when I set the loan up, I had to make 'draw requests' to have funds disbursed to my school and I had a 'credit limit' to begin with. I will call the bank tomorrow. Maybe the loan converts to an installment account when I enter repayment in December? I've already graduated and the bank won't let me make any more draw requests.



Great scores, I think it is showing up s "Revolving" but as you said, it isn't really considered that way in your FICO scoring (Such high utilization wouldn't give you a score in the 700s).

Calling the bank is a good idea, but I wouldn't worry. Now that you've graduated and have income, just focus paying them off ASAP. (especially private ones to avoid paying too much interest).



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