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Will a deferred student loan on your credit report significantly lower your FICA score? |
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Yes.
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YESSSS!!! THE WORST thing to have on your credit report is an unpaid loan! TRUST ME on this, it took FOREVER to fix this, and even after you pay it off if it was ever defaulted it still stays on your credit for 7 years.
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Easy now! Though a deferred student loan is "unpaid" it is not a defaulted loan. FICO (not FICA) and most other credit scorers do not disclose how they calculate their scores -- so there's no way to know for sure. A credit score is an assessment of how likely you are to default -- so without any late payments or other outstanding debts, I can't imagine that it would have much of an impact.
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Ok, I have privacy assist with Bank Of America, and included with that service is a credit score analyzer. What this does is allows you to make changes to your credit report and let the program reanalyze it, and show you your "new" credit score. While it is just an "analyzer" , it has been very accurate in estimating a car loan I recently got. When I ask the analyzer to predict my credit after a student loan of $30,000 with a balance of $30,000, it says that no change would occur. Just FYI
First answer by Matthew Grummer. Last edit by Studentloanguy. Contributor trust: 39 [recommend contributor]. Question popularity: 180 [recommend question]
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