student loan reporting
Date: Sun, 05/20/2007 - 22:26
student loan reporting
I have a student loan through citibank and every payment they make is reported on my credit report. When I checked my report, they have put 7 entries each for the same amount but different dates based upon payment date a school year.
My question is does this hurt my credit? I have seen my scores drop each time they submit information. Shouldn't they just make a change on the one account? I would think that each new entry would look like a new account. Any suggestions.
Mikeal
My question is does this hurt my credit? I have seen my scores drop each time they submit information. Shouldn't they just make a change on the one account? I would think that each new entry would look like a new account. Any suggestions.
Mikeal
Your credit score is determined by these criteria: Payment Hi
Your credit score is determined by these criteria:
- Payment History (35%)
Amounts You Owe (30%)
Length of Your Credit History (15%)
Types of Credit Used (10%)
New Credit (10%)
Do you have any credit card(s)? If so, has the(ir) balance been increasing? Have you made any late payments? I'm pretty sure that creditors reporting on a monthly basis affect your credit score more than a creditor that simply updates balance info (a positive if you are making your payments on time).
My advise would be that if you have little credit, perhaps you could look into opening a new credit card. Use it to pay for normal expenses, and pay it off each month. Add a new card every six months or so, and do the same thing. If you are carrying a large debt load, paying it down will also help boost your score.
As long as Citi is reporting pays as agreed and not showing any
As long as Citi is reporting pays as agreed and not showing any lates,the account is not causing any harm in reporting.
