Personal Finance

Student Line of Credit changed to Installment on Equifax?

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  • Oct 25th, 2014 4:30 pm
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Member
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Oct 9, 2014
397 posts
49 upvotes
Winterpeg

Student Line of Credit changed to Installment on Equifax?

Just looked at my report. I'm still a student and my SLOC is still active.

Today it has my Student Line of Credit listed as an installment. Reports the same opening date, same balance, but a lower credit limit. Shows my minimum payment at 65 which is what my account shows as well.

Just 2 days ago it was under regular revolving credit, with the same info but my actual credit limit. Is this just because the minimum payment is interest only and my payment would be due/automatically withdrawn from my account in the coming days?

Also may be worth noting, my score went up 11 points in that 2 days.
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Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Some say it doesn't show up at all for them in that credit thread..

Mine also shows under installments. But I don't have to repay for another couple years cuz I'm still a student. I don't get it...
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Member
User avatar
Oct 9, 2014
397 posts
49 upvotes
Winterpeg
ELiTE KiLLaH wrote: Some say it doesn't show up at all for them in that credit thread..

Mine also shows under installments. But I don't have to repay for another couple years cuz I'm still a student. I don't get it...
This is a Student Line of Credit (from a bank), not a student loan.

I'm guessing its because its an automatic withdrawal or something that it is showing up under installment today, while 2 days ago it was under revolving.
I'm gonna monitor it for the next week or 2 and see what else happens. My regular account looks fine, and this is my first time keeping track of my credit scores, so it could be normal for all I know
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Crap totally misread that one lol don't mean to clutter up your thread my bad
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|

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