BTO429

Student loand in deferment

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Do student loans that are in deferment hurts your credit score?

I have had an auto loan for 5 years now it is due to be paid off in December of this year.

I just can not seem to get above 600. My auto loan is being reported on time payments never late.

I have no other type of credit at the moment and I am trying to get to 629 for a mortgage any Ideas how I could improve my score?

I was thinking about starting to pay on my student loans even though they are in deferment.

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They only hurt via AAoA/too many installment loans. They help because they are also reporting on time payments.

One thing I decided to do....since I had 5 loans that were killing my AAoA and giving me the too many I.L.'s issue, I started the consolidation process. When the consolidation hits my CR, I am hoping for any score increase. (Direct Loans had previously consolidated 2 Parent Plus loans I took out for my daughter.....they backdated the opening of the newly consolidated loan to the age of the older of the 2!)

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But doesn't it hurt that you owe a lot of money?

I read somewhere that it's good to have some debt that is being paid off on time and all, but too much debt, like 100k will hurt your score no matter what?

I easily have 50k in student loan debt. However, it's all been consolidated and is reported as in good standing on my CR.

Should I be worried?

Corvettester

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Mine are consolidated and in the deferment period - they don't seem to hurt my score at all. I'm sure the loans would have a negative impact on your score if you missed a payment.

I owe about $35K in student loan debt and my scores are above 700.

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