Unknown additional consideration: How will it affect my score?
I currently have the following scores (Experian: 686 Equifax: 698 TransUnion: 646) that still do not understand the fact that I paid the remaining balance on my credit cards. Recently, I was check my credit report for this month and it showed that I had another account that looks like a duplicate. I looked carefully and I Wachovia noticed that my student loan is paid $ 5,500 in two accounts with the same three credit bureaus, if my debt is now to "increase" of $ 12,600 from $ 7,100 in the previous report. I checked with Wachovia and I confirm that I have single loan for $ 5,500. I have already taken steps to correct this error, but I was wondering how will it affect my score since I was Planning for a car loan next month my credit cards were paid? PS I just noticed in an account with Equifax is said "Transferred OR SOLD IN STUDENT LOAN" but I did nothing with it.
If it indicates that the account was transferred or sold, the previous creditor could not be reported to credit bureaus. So to answer your question, it seems be a duplicate account. Normally, creditors can be determined by the same account numbers. There should be a letter Explaination (aka LOX) you to explain what happened. At the same time, the only thing that creditors are more concerned about is the ability to repay "So no matter how many accounts are open, if your gross monthly income covers those with private parts, do not sweat. In some cases, a statement in duplicate account, contributes to your credit if paid on time. So changing this or anything on your report could potentially hurt or help your score. Not sure it is done and there is no way to reverse this you have done. Then, just before moving as planned and the creditor, if they have questions you will know. PS it is also important to shop around for an auto loan too. If you read myfico.com (The pdf free), you show that you have a shopping period. What this means to you whether you have 5 lenders pull your credit within 15 days, it does count as a credit attraction. How a finance manager for a dealer makes his money is similar to a mortgage broker. They pull your credit and provide all your data information for lenders. A lender you may agree to 6.25%, but by a rate (meaning that the% 6.25 is the cost. And the CFO does not matter). So, this manager offers you the rate to 6.50% 8.25% sometimes, and makes a commission from the bank difference. I would check with local credit unions and banks to see if they offer a promotional rate and if you qualify. At the same time leave the finance manager do his thing. A go with the best offer. However, do not tell them that you strive to obtain funding from other up what you have settled on a purchase price of the vehicle. Hope this helps.
