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Posted in Student Loans
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Question By
JimSMIB

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Being approved for an Income based student loan repayment plan lowered my credit score!!!
My credit score dropped by approximately 40 pts. in less than a week after being approved for an IBR through Navient, my student loan company. I didn't think that could happen. Has this happened to anyone else??
Credit Karma wasn't able to explain the score drop and all of my other credit factors like on-time payment history and credit utilization score have remained unchanged at "Excellent" and "Good" respectively.
It's the only recent change in my credit history that could explain such a big score decrease.

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Top Contributor
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Helpful to 17 out of 21 people

Wow this one is simple.  The score drop is small (less than 5% of total possible from 850) and will fade over a few months.  Your average age of credit went down because this is most likely considered a new loan. They may also have pulled a credit report that would cause a small drop. Also the new loan will be maxed out so credit usage takes a hit.  Overall if the loan helped you, and you continue doing what you are, then this is but a small bump in the road.

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Reply by
Truereliable

232 Contributions
37 People Helped
Helpful to 0 out of 8 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

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Reply by
puffy12

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 I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 6-7 days by this exceptional credit expert, increase my credit score from 560 to 820 I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at "besthacker0509 @ gmail . com" You will be glad you did

4 Contributions
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Student Loan Made Score Drop

Helpful to 11 out of 13 people

The reason, most likely, why your score dropped once you got into a different arraignment,is because you got into a different arraignment! It’s like starting a new loan!  The score activity is based partially on the arraignment of the loan,which may or may not affect the terms and length of those terms. If there is more than one loan balance the best is to consolidate them and only have one outstanding account rather than three outstanding accounts. Hope this helped!

Reply by
Johnx7wi8m7m

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Helpful to 1 out of 3 people

Enter Your Reply

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Reply by
Deear

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Helpful to 6 out of 38 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. "gmorrison741 @ g m a i l . c o m" is the programmer's email address. I wish you good-luck. Y’all can thank me later. 

Reply by
janevskij

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3 People Helped
Helpful to 3 out of 3 people

A couple things come to mind....

Depending on your payment amount evening though it's showing a good payment history, your payment may not cover the accruing interest on your balances. Basically your total amount owed is increasing despite a positive payment history.

Second thing to consider is your debt to income ratio. Thousands of dollars in debt in relation to your annual income could make it apprear like you are already maxxed out on the ability to pay loans.

Does that make since?

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Reply by
Truereliable

232 Contributions
37 People Helped

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

Top Contributor

Reply by
puffy12

72 Contributions
7 People Helped
Helpful to 0 out of 2 people

 I came across a comment of a man on a blog giving kudos to EXCELLENT REPAIRS for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 6-7 days by this exceptional credit expert, increase my credit score from 560 to 820 I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at "besthacker0509 @ gmail . com" You will be glad you did

1 Contribution
4 People Helped

Same for Me

Helpful to 4 out of 4 people

This just recently happened to me because it was stated that I am paying to small of an amount for size of my loan. I too did the income based repayment plan, after consolidating my loans so I could do the student forgiveness plan. I work for a nonprofit organization which qualifies me for the program. I don't know what can be done about it. My Transunion credit score dropped 26 points in one day. I also didn't get help from Transunion when I called them.

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Reply by
Truereliable

232 Contributions
37 People Helped
Helpful to 0 out of 4 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

1 Contribution
3 People Helped

CATCH 22

Helpful to 3 out of 3 people

This is quite ridiculous... Income Based Repaiment Program has to be renewed EVERY YEAR. Does this mean that if I keep renewing it (regardless to what amount I qualify for!) my credit will be checked every year and the “new loan” will not age? I made sure I stayed with the same sucky lender (GrandCanion) so I wouldn’t have to “refinance/consolidate”... Has anyone reported the issue to the FCFB???

thank you!

Reply by
crissy0988

2 Contributions
0 People Helped

no just the first time

Top Contributor

Reply by
Truereliable

232 Contributions
37 People Helped
Helpful to 0 out of 4 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

1 Contribution
2 People Helped

Yearly score drop?

Helpful to 2 out of 2 people

The new provider that I have is Naviant. 

Good provider but I don't like the thought of credit score dropping every year when they check my credit report.

Is that actually what happens? Every year when you renew the income-based repayment plan your credit score lowers?

Top Contributor

Reply by
Truereliable

232 Contributions
37 People Helped
Helpful to 0 out of 2 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

8 Contributions
99 People Helped

The same thing happened to me.

Helpful to 3 out of 4 people

The exact same thing happened to me, and it was because the average age of my accounts dropped significantly, because my original student loans (I also consolidated), which were 5-6 accounts with various ages all over 5 years were closed for the new IBR consolidated loan, which was 1 new loan and 0 years old. In the end, the dent in my score was worth it, because my interest rate on my student loans is much lower now and my payments are more manageable, and I also like my new loan provider, but it will still take several years for the age of my accounts to recover, unfortunately.

Top Contributor

Reply by
Truereliable

232 Contributions
37 People Helped
Helpful to 0 out of 4 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

1 Contribution
0 People Helped

Did you find your answer?

I have a IBR student loan with Fed Loan. IS that the case? 

Top Contributor

Reply by
Truereliable

232 Contributions
37 People Helped
Helpful to 0 out of 3 people

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

1 Contribution
0 People Helped

Student Loans

Who is your new student loan provider?

1 Contribution
0 People Helped

Student loan payment

Has anyone worked with fed loan on loan repayment it's rediculess I can't afford the payment

Top Contributor

Reply by
Truereliable

232 Contributions
37 People Helped

Enter Your Reply

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

1 Contribution
0 People Helped

Student loan

I had no problems with my student loans being on ibr and affecting my credit score until naviant took over my student loans. Then my credit score started dropping

Top Contributor

Reply by
Truereliable

232 Contributions
37 People Helped

I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. realhacks4510 @ gmail. com is the programmer's email address. I wish you good-luck. Y’all can thank me later.

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