Share post
Debt Consolidation Forums Credit Repair, Credit Score and Credit Report forums

Credit score dropped by 20 points - Should I pay off student loans?

member profile picture
Posts: 1
Credits: 0

Paid off student loans. My credit score dropped by 20 points. What should be my next step? Should I take out an installment loan and start making payments?

Don't go for a installment loan or a payday loan. 20 points drop is not a substantial one, it may be caused by sudden credit utilization ratio drop.
What is your credit score now? You will get the same loans at 750 as 770.

Sub: #1 posted on Thu, 05/31/2018 - 05:59

tiarajoseph11 tiarajoseph11

(Posts: 467 | Credits: )

Don't panic, by making the other bills or debt payments on time, you can build a good credit score. However, it will take some time. I would like to suggest you avoid installment loan. Instead of taking out a new loan, try to earn extra money by considering a part-time job. Ig the nest debt loan is huge, then you can take out a consolidation loan to pay off the current one. What is your income status? If you come with more detail, we can suggest more option.

Sub: #2 posted on Thu, 05/31/2018 - 06:09

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

The problem with installment loan is that it has a very high rate of interest. If you really want to take out a loan, then borrow from a credit union. They charge low interest rate on a loan. Alliant is one good option.

Sub: #3 posted on Fri, 06/08/2018 - 05:24

ditchdebt ditchdebt

(Posts: 679 | Credits: )

Page loaded in 0.168 seconds.