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Posted in Student Loans
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MarinaS19

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Why did my student loans drop my score 50 pts?
My new student loan from discover was just reported and it dropped my score 50 points! Does anyone know why? Please help! I thought student loans were supposed to help you build your credit not destroy it!

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Any time you open a new loan or new account/credit card/auto/mortgage, your score drops at first (you need to read some of the basic articles about how your credit score is calculated).  However, as you make payments over time it will slowly increase.  Give it about 6 months.

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