Are student loans hurting my credit score?

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t528491
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Are student loans hurting my credit score?

Postby t528491 » Mon Jun 10, 2013 2:35 pm

So I decided to check my Equifax score, and guess what, it was 646. :mad:

I'm a bit confused as to why it's this low, as I don't have any negatives on my CR at all.

I did take out a couple of student loans in January which I plan to repay next January with retroactive scholarship money. I'm guessing they're the main reason for the score drop?

I also reported relatively high balances on my cards last month, so I suppose that might also have something to do with it. This month, I plan on paying before the statements cut.

I really would like to app for the Citi Forward students, but I know I don't have a chance with that credit score. Will the damage done by the student loans be negated when I pay them off in January?
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]


MemberSince99
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Postby MemberSince99 » Mon Jun 10, 2013 8:19 pm

I think those are the two reasons - new accounts and util.

Yes, it will be a positive tradeline on your reports for 10 years. There is light at the end of the tunnel

DavidNY
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Postby DavidNY » Mon Jun 10, 2013 10:18 pm

Check out the Salle Mae MC.

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t528491
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Postby t528491 » Wed Jun 12, 2013 12:54 pm

It was mostly the util. After the new statement cut for the one card that had an abnormally high balance, my score jumped from 646 to 693. With any luck, it'll go above 700 after the rest of my statements cut.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]



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