Credit Scores
- Trenabean
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Replied by Trenabean on topic How to improve my credit score within 3 months to buy a house
- Meya
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Replied by Meya on topic Re: Credit Scores
- charonh
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Replied by charonh on topic Re: Credit Scores
[/COLOR] [/I]I got another way to explain this to you tosha. I use Mycreditkeeper as my credit monitoring service, and they have tools that you can use such as the "Simulator" or "What If Scenario." Basically, all this does it let you play around with your credit report by changing balances (only within credit keeper, not the 3 major CB's) by lowering balances, adding new accounts, closing accounts....etc. When you make changes, you then tell the system to make changes and then your scores either goes up or down from the changes that you have just made. Well, when I used it to say "What if" I paid off my student loans as of todays date, well guess what, it only changed by +11. That just goes to show you that our student loans does not have a significant (if any) impact on your scores.
Potential score change]
Results based on a credit report that is 9 days old.
- Potential score change]
- Effect of time on your score][ More
[/LIST][/quote]
Lol, this is even more reason not to be in a hurry to pay mine off anytime soon. Not that I could anyway!
- Meya
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Replied by Meya on topic Re: Credit Scores
- tosha29
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Replied by tosha29 on topic Re: Credit Scores
Don't worry, I got your back, just bring the posts on, seems like you already got a hang of it, I will contact you by personal message box when I move a post so that you will know where to find it, and continue on to.
Thank you so much Meya, and all the info you give is very helpful!
- Meya
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Replied by Meya on topic Re: Credit Scores
- Wanderer
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Replied by Wanderer on topic Re: Credit Scores "MyFICO.com"
- Meya
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Replied by Meya on topic Re: Credit Scores
Don't worry, I got your back, just bring the posts on, seems like you already got a hang of it, I will contact you by personal message box when I move a post so that you will know where to find it, and continue on to.Sorry if this is under the wrong post. I'm gonna repost under the student loan topic.
- Meya
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Replied by Meya on topic Re: Credit Scores
I got another way to explain this to you tosha. I use Mycreditkeeper as my credit monitoring service, and they have tools that you can use such as the "Simulator" or "What If Scenario." Basically, all this does it let you play around with your credit report by changing balances (only within credit keeper, not the 3 major CB's) by lowering balances, adding new accounts, closing accounts....etc. When you make changes, you then tell the system to make changes and then your scores either goes up or down from the changes that you have just made. Well, when I used it to say "What if" I paid off my student loans as of todays date, well guess what, it only changed by +11. That just goes to show you that our student loans does not have a significant (if any) impact on your scores.I really can't afford to start making payments right now, but if I do, do you think my score would start to go up?
Potential score change]
Results based on a credit report that is 9 days old.
- Potential score change]
- Effect of time on your score][ More[/quote][/COLOR]
It may take 2 months to complete these actions. If you made minimum payments during this period and did nothing else, your credit score could increase by 11 points. In your case, the effect of time is the only reason for the predicted score change.
- Timeframe]1+ month
- Meya
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Replied by Meya on topic Re: Credit Scores
You are absoultely correct Charon, nothing has changed for us on that part.I've been told that student loans are calculated differently in your score. They are installment loans, therefore they are not calculated the same as revolving debt such as credit cards that affect your score(s) tremendously. Now the exact impact they are having on your score, I'm sorry I cannot answer that for you, but my student loans usually do not impact my score very much and mine are also in deferment.
- tosha29
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Replied by tosha29 on topic Re: Credit Scores
- charonh
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Replied by charonh on topic Re: Credit Scores
- tosha29
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Replied by tosha29 on topic Re: Credit Scores
- charonh
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Replied by charonh on topic Re: Credit Scores
- Wanderer
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