hopinglikecrazy Posted July 14, 2008 Report Share Posted July 14, 2008 Hi.. I'm new to the site.. have been reading and reading and reading..did I say reading like CRAZY for several weeks. Just sent off first disputes last week to one CRA. I am also waiting for two cc's to come to help on BUILDING credit. I have some student loans that I'm due to start paying on in August. Will those report monthly and help my score? Thanks Link to comment Share on other sites More sharing options...
CDL Posted July 14, 2008 Report Share Posted July 14, 2008 Hi.. I'm new to the site.. have been reading and reading and reading..did I say reading like CRAZY for several weeks. Just sent off first disputes last week to one CRA. I am also waiting for two cc's to come to help on BUILDING credit. I have some student loans that I'm due to start paying on in August. Will those report monthly and help my score? ThanksAs long as you keep your SL's current, they will help you. It's imperative to not mess up with your SL's, always keep them positive. Once you have them negative, they will screw you up for longer then any other trade line! Link to comment Share on other sites More sharing options...
aquamarinebug Posted July 17, 2008 Report Share Posted July 17, 2008 Get ready...The only downfall of the student loans is HOW MUCH DEBT you are in. Me for instance, I was at 53K...now I am 43K. It WILL factor in your "revolving" debt...grr.For instance, on my FAKO (TU, EQ, and EX) they can show you graphs of your debt to income..etc..etc...and even though the house in in the hubs name, my friggin' student loans are so HIGH and my credit cards are so LOW it throws off the "balance" of the type of debt you are in....thus affecting your score...because the TYPE of debt you are in.Luckily, I haven't missed a payment - so make sure you stay on top of things and it will improve your score - very slllllllllllllllllllllowly, but it does. Link to comment Share on other sites More sharing options...
CDL Posted July 17, 2008 Report Share Posted July 17, 2008 Get ready...The only downfall of the student loans is HOW MUCH DEBT you are in. Me for instance, I was at 53K...now I am 43K. It WILL factor in your "revolving" debt...grr.For instance, on my FAKO (TU, EQ, and EX) they can show you graphs of your debt to income..etc..etc...and even though the house in in the hubs name, my friggin' student loans are so HIGH and my credit cards are so LOW it throws off the "balance" of the type of debt you are in....thus affecting your score...because the TYPE of debt you are in.Luckily, I haven't missed a payment - so make sure you stay on top of things and it will improve your score - very slllllllllllllllllllllowly, but it does.It may improve your score slowly, but if you mess up with them, it will tank your scores instantly and will continue to tank them for a very slow and long time!!!!Trust me I'm speaking from experience. My DEFAULTED SL's hit my reports in 2000, I paid them off in 2002. In 2007 they didn't fall off, so I disputed with CRAs and DOE for over a year now. They are still on my reports for over 8 years now and I was told they will remain until 2009.The AG agrees with me and has done everything they can to help me to no avail. The AG told me to find a consumer attorney that will do a class action. Link to comment Share on other sites More sharing options...
momof5 Posted July 19, 2008 Report Share Posted July 19, 2008 Another point about SLs....(and this is my plan)...pay more than the minimum. Not only do you save on interest, but the balance drops much faster and you get these over and done with!!! I am studying to be a nurse because I am tired of getting laid off in IT. My plan is to stay in my current job as long as they will keep me....but work as a prn nurse on the side. This gives me experience, keeps my skills sharp and 100% of that money will be directed to paying off the SLs and other credit. Link to comment Share on other sites More sharing options...
LeslieR Posted July 19, 2008 Report Share Posted July 19, 2008 Another point about SLs....(and this is my plan)...pay more than the minimum. Not only do you save on interest, but the balance drops much faster and you get these over and done with!!! I am studying to be a nurse because I am tired of getting laid off in IT. My plan is to stay in my current job as long as they will keep me....but work as a prn nurse on the side. This gives me experience, keeps my skills sharp and 100% of that money will be directed to paying off the SLs and other credit.Mom, what is your interest rate? Mine is less than 3%. Even though I have a very high balance, this debt is not my priority. My SLs, along with the education I received, and my line of work, paint a very stable picture. Now that everything else is fixed up and my scores have nothing to do but keep going up, I have absolutely no problem with the SLs sitting there and my making "regular" payments. Link to comment Share on other sites More sharing options...
momof5 Posted July 19, 2008 Report Share Posted July 19, 2008 Since mine are recent - ie: I just started going back, I got the standard Stafford rate of 6.8%.Although I could take my time paying these off, I hate owing money! It is always my goal to have only a mortgage. One thing I learned is that when you don't owe anyone, when things go sour for brief periods of time, you survive much better. Link to comment Share on other sites More sharing options...
Donna47129 Posted July 19, 2008 Report Share Posted July 19, 2008 Wish there were in the 3s!I just started paying mine last month, total balance $15K, but showing a CL of $13K, putting my total utilization at 137! With the accrued interest, it will be a while before I get below the CL...but I didn't think there would be a CL. Deferment sucks in the long run~ Link to comment Share on other sites More sharing options...
LeslieR Posted July 19, 2008 Report Share Posted July 19, 2008 I guess I am really fortunate - mine were 3.2 and then I got my auto deduct discount and and my 36 consecutive payment discount - and they are now 2.9ish. I consolidated at the right time. Link to comment Share on other sites More sharing options...
whocares Posted July 19, 2008 Report Share Posted July 19, 2008 I owed over 100,000.00 for my education, it added up fast, lots of expenses and the loans were so easy to get...But they paying off part was hard...I was in default for awhile, I had work but not enough...I stupidly refinanced them all which added to the misery.....It took almost 10 years to pay them off and they were finally paid off in 2006. They show the old loans as late with many missing amd late payments and the new loans as perfect...I was told when I rehabbed them after a certain amount of timely payments they would drop off the bad marks...it never happened,So don't get behind, do what you need to to keep current...they report forever.Good Luck to ya Link to comment Share on other sites More sharing options...
LeslieR Posted July 19, 2008 Report Share Posted July 19, 2008 I owed over 100,000.00 for my education, it added up fast, lots of expenses and the loans were so easy to get...But they paying off part was hard...I was in default for awhile, I had work but not enough...I stupidly refinanced them all which added to the misery.....It took almost 10 years to pay them off and they were finally paid off in 2006. They show the old loans as late with many missing amd late payments and the new loans as perfect...I was told when I rehabbed them after a certain amount of timely payments they would drop off the bad marks...it never happened,So don't get behind, do what you need to to keep current...they report forever.Good Luck to yawhocares - your defaulted loans should not report "forever." You may have consolidated and not rehabbed - I made the mistake of not understanding the difference between these terms. The effects of defaulting and then consolidating with another lender will mean your defaults stay on longer - but not more than 7 1/2 years after the DOFD. You need to pursue that. Link to comment Share on other sites More sharing options...
whocares Posted July 19, 2008 Report Share Posted July 19, 2008 I did not consolidate, I rehabbed...I had 4 loans all four show they were sold and then show the new owners as sallie mae...they just can't seem to get it right.I have talked and written several times. all loans show the same account number before and after the rehab, same dates of opening, same late payments and they all show closed paid as agreed and 2 of them are in the negetive column and 2 are in the positive column.And some have not been updated in years, but they all still remain as my oldest account on file so I have to have them or I lose history'Sallie Mae is hard to deal with, so lesson learned...Never get behind. Link to comment Share on other sites More sharing options...
Bigwoodystyl Posted July 20, 2008 Report Share Posted July 20, 2008 I did not consolidate, I rehabbed...I had 4 loans all four show they were sold and then show the new owners as sallie mae...they just can't seem to get it right.I have talked and written several times. all loans show the same account number before and after the rehab, same dates of opening, same late payments and they all show closed paid as agreed and 2 of them are in the negetive column and 2 are in the positive column.And some have not been updated in years, but they all still remain as my oldest account on file so I have to have them or I lose history'Sallie Mae is hard to deal with, so lesson learned...Never get behind.If they total more than $150k, they report forever. Although, this amount used to be $100k and was upped to $150k, (I don't remember when this happened)FCRA1681c, Subsection 605-b-1:( Exempted cases. The provisions of subsection (a) of this section are not applicablein the case of any consumer credit report to be used in connection with(1) a credit transaction involving, or which may reasonably be expected to involve, aprincipal amount of $150,000 or more; Link to comment Share on other sites More sharing options...
isislc Posted July 20, 2008 Report Share Posted July 20, 2008 If they total more than $150k, they report forever. Although, this amount used to be $100k and was upped to $150k, (I don't remember when this happened)FCRA1681c, Subsection 605-b-1:( Exempted cases. The provisions of subsection (a) of this section are not applicablein the case of any consumer credit report to be used in connection with(1) a credit transaction involving, or which may reasonably be expected to involve, aprincipal amount of $150,000 or more;Ouchies! I didn't even know that was out there. I had several loans that were defaulted and I rehabbed. They tried to get me to consolidate them together and I refused, the total is about 125k which I started 2 years ago. Once they were rehabbed, the rehab accounts were removed from my CRs and now I'm paying them regularly with my new lender. Even better, since I left them separated, I have been making my payments as well as dumping extra money into the higher interest loans. I've paid 2 of them off so far and has helped make a big difference with my credit scores as well as the feeling that I'm getting somewhere instead of wallowing in the pool of SL debt with 1 big loan. Link to comment Share on other sites More sharing options...
momof5 Posted July 20, 2008 Report Share Posted July 20, 2008 In most cases, they don't use that $ figure. We ought to stomp on the government to increase that. That amount was used when it was huge....now, when it comes to mortgages, you are lucky to find a house for that little!Reminds me of this alternative tax situation. It was used to tax the very rich when they used a gazillion loopholes to get out of paying income taxes....now it is starting to capture the middle class.In the future, they should tie any amount in the law to $$$.$$ (in this year) + annual inflation. Link to comment Share on other sites More sharing options...
LeslieR Posted July 20, 2008 Report Share Posted July 20, 2008 Interesting. Thankfully, it doesn't apply to me - but I had never picked up on this line of the statute. Link to comment Share on other sites More sharing options...
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