Credit scores could end up being 20 or more points lower, according to financial experts
This, uh… doesn’t sound terribly impactful? My score fluctuates ±50 points just from regular credit utilization, idk what throwing 60k in student loans onto the report would do but - 20 points sounds very optimistic.
So I checked my history and you’re right, over the last 2 years the wildest swings I’ve had have been ±20, but I also haven’t spent wildly on the cards like I used to, not exceeding 50% utilized in this timeframe.
But I think a mortage being a secured loan probably reduces impact too.
(I’m not a banker or finance person, just someone who’s watched their score rollercoaster on apps in my less responsible youth lol)
This, uh… doesn’t sound terribly impactful? My score fluctuates ±50 points just from regular credit utilization, idk what throwing 60k in student loans onto the report would do but - 20 points sounds very optimistic.
A 50pt fluctuation is wild, like honestly you should look into why. Getting a mortgage didn’t affect my score by 50pts…
The -20 probably assumes you’re still making the loan payments.
So I checked my history and you’re right, over the last 2 years the wildest swings I’ve had have been ±20, but I also haven’t spent wildly on the cards like I used to, not exceeding 50% utilized in this timeframe.
But I think a mortage being a secured loan probably reduces impact too.
(I’m not a banker or finance person, just someone who’s watched their score rollercoaster on apps in my less responsible youth lol)