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do Student loans count in evaluating your credit?


billran
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I had to drop out of spring Jan2015 classes, and now I might not be able to attend Aug clases,, either. Nobody told me that if I took the 6.5k of  loans this past Jan,  but didn't wait long enough to get a W grade for withdrawing, that I'd owe the COLLEGE (insted of the feds) at 18% and that I MUST pay or never again get into college or get a loan. 7 of the 9 student loans (18k total) come due on aug 15.  I"ve started a consolidation loan for those, but haven't committed ot it yet. Any reason not to consolidate the loans?  Can I just ask for another  6 months of deferral? I WILL be back in college in January of 2016, without fail. But I"m trying to be back for August of 2015

 

Wells fargo private student loans will give me the 7k that I need in august, BUT I have to clear up my credit. I had a bankruptcy but it was  30 years ago. My wife got solme credit in my name, while I was in prison, and bought a house and car, which she lost and which have  been charged off and re-sold. That was in 2006-2009. I divorced her 6 months ago.

 

She has some other open lines of credit, with no balance and no lates, unused.   I personally owe the VA $800 on an overpayment of a GI class, which tyey are seizing my $130 per month disability check   as repayment.

 

I"ve got a collection, about $600 on a $200 smartphone, from 4 years ago. Taht's it.  how should i proceed?

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Guest Invalid123

Thank you for providing your story. We are here to give a helping hand with valuable information but you haven't asked a specific question. Please be more elaborate with asking your questions. But from what you provided i will give some advice.

 

1. Being a college student i know some about the consolidation and deferral of student loans. If you owe interest on all your loans, it will be better to consolidate them so its one payment and one interest rate. Some loans do not build interest until after your out of college for 6 months, if you have these type of loans i would not consolidate. If your currently in default they will not consolidate your loans or approve deferment. These few loans you can ask for deferment until you get back on your feet. They offer financial distress deferment as well as medical if needed which if you haven't done in the past get it approved for up to a year. 

 

2. You should consider Bankruptcy depending on the amount of debt and how long it will take you to pay it off. If you know it will take you more than 5 years to clear your debt i suggest it. Once your debt is cleared, you just have to wait time for stuff to drop or you can dispute it after a period of time, i would wait at least 2yr old or older debt before disputing unless you see a specific error in the reporting. Also Bankruptcy will pick up your student loans if already in default, mine were in deferment at the time i did bankruptcy so i will be coming up to my first payment soon.

 

3. Some of these open lines of credit as long as their current would be helping you credit-debt ratio and credit history. I don't have any experience making payments or if you can stop collection from the VA. I owed the IRS like $700 once because i didn't put down i sold some stock for one year and i paid them immediately to forgo getting penalties. 

 

4. The collection i would go ahead and dispute it. The older the collection its more likely the company doesn't have the records or they will not want to pursue so it could possibly fall the first time you dispute it.

 

I hope that helps. 

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I asked a specific question, it's the topic heading of this thread.  Do student loans count when somebody is evaluating your credit?  you can't get rid of student loan debt with a bankruptcy, friend, except in VERY rare hardship cases.  I only have bout $1000 of other debt, so no, I"m not going to take a bankruptcy. 

 

Can somebody please tell me how to get info on an old student loan, which is not showing on my current credit report? I know that it's active, they were bugging me about it recently, and my school won't renew my loans and grants until that old one is paid. 

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I had to drop out of spring Jan2015 classes, and now I might not be able to attend Aug clases,, either. Nobody told me that if I took the 6.5k of  loans this past Jan,  but didn't wait long enough to get a W grade for withdrawing, that I'd owe the COLLEGE (insted of the feds) at 18% and that I MUST pay or never again get into college or get a loan. 7 of the 9 student loans (18k total) come due on aug 15.  I"ve started a consolidation loan for those, but haven't committed ot it yet. Any reason not to consolidate the loans?  (Are they private or federal student loans? If federal, then the William D Stafford Loan Consolidation, in my opinion is the best there is.  The consoldiation will also roll them all into one loan and you will only have one reporting on your credit reports It may report as 2 (subsidized and unsubsidized, but much better than 7) Can I just ask for another  6 months of deferral? (You can ask.  If they are federal loans, you would most likely do better asking for some type of forbearance, such as hardship, etc.  If you're income is so that making payments on your loans is going to be difficult, they will most likely grant them.  It doesn't take a lot to get approved for a forebearance)  I WILL be back in college in January of 2016, without fail. But I"m trying to be back for August of 2015 If it is because of your student loans, you can talk to the loan servicer and explain that you plant to go back to school and need a forebearance to cover you until school starts in August when you will be able to get an In School Deferrment, they are usually very good about that.  On the other hand, if the school is telling you that you must settle your debt with them before you can enroll again, that will take either paying the debt, or seeing if they will work with you on payment arrangements.  (Not many will go with payment arrangements though)

 

Wells fargo private student loans will give me the 7k that I need in august, BUT I have to clear up my credit. I had a bankruptcy but it was  30 years ago. (A bankruptcy shouldn't haunt you that long (30 years).  The only reason I can think of that WF would hold it against you is if they were included in it and lost a lot of $.  They will sometimes hold a grudge forever, but another bank wouldn't worry about a 30 year old BK)  My wife got solme credit in my name, while I was in prison, (you should fight that my friend.  If you can prove you were in prison when the deal was signed, you can be released from this obligation if she forged you name, etc.) and bought a house and car, which she lost and which have  been charged off and re-sold. (It doesn't matter how many times a debt has been charged off and resold, the date it first became delinquent with the ORIGINAL CREDITOR, is the date that is important.  The CRAs will drop it from reporting (paid or not) the maximum of 7 years and 180 days from THAT date.  Also, depending on what state you're in, if the SOL has passed on that debt, then you can not be sued for it.  Well, you can be sued, but they will only win by default if you don't show up in court to tell the judge it's out of SOL.  If you do that, they will not win the judgement.  So, if the first time you got behind on any debt that is actually yours, that you never got the payments caught up before they charged off, was before January 2008, then it shouldn't still be on your report.  MOST debt that you became behind on around June of 2008 would normally be off by now.  If the debt was incurred while you were in prison without your permission, that is fraud, even if your wife did it and you can take steps to get that monkey off your back!) That was in 2006-2009. I divorced her 6 months ago(Sounds like your first positive step in getting it all together! Good for you! :) )

 

She has some other open lines of credit, with no balance and no lates, unused.   (even if these are good tradelines and reporting on your report, you probably want to take steps to show that the two of you are divorced.  These balances can go from 0- to maxed out in one shopping trip. Are they reporting as joint owned or just in her name?) I personally owe the VA $800 on an overpayment of a GI class, which tyey are seizing my $130 per month disability check   as repayment.  (was this the same class you had to drop back in January? I know $130 doesn't seem like a lot, but when you're use to getting it and then don't for awhile, it seems like a lot.  The good thing is that it isn't forever, and honestly, I believe any kind of government collection showing on your credit report is worse than a private one. Maybe wrong but it seems that way to me.  Is there any chance you're ready to put in for an increase on that VA rating %?  I realize that it could take a year or two for a decision, but if it's ready, don't wait, ya know?

 

I"ve got a collection, about $600 on a $200 smartphone, from 4 years ago. Taht's it.  how should i proceed? (Who is the OC and the CA reporting this?  Do you mind me asking what state you live in?)

 

 

I asked a specific question, it's the topic heading of this thread.  Do student loans count when somebody is evaluating your credit?  you can't get rid of student loan debt with a bankruptcy, friend, except in VERY rare hardship cases.  (you are absolutely CORRECT there!) I only have bout $1000 of other debt, so no, I"m not going to take a bankruptcy. 

 

Can somebody please tell me how to get info on an old student loan, which is not showing on my current credit report? I know that it's active, they were bugging me about it recently, and my school won't renew my loans and grants until that old one is paid. 

 

I will try and help you any way I can.  I have had to deal with student loans and by the way it sounds, you are in fine shape there.  They're not due to start pay back until August, so no way they're reporting negatives yet.  We'll try and prevent that.  There are many things you can do and if these are federal student loans, I PROMISE you the lender will bend over backwards to help you as long as you STAY IN CONTACT with them.

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SOL in Oklahoma:
Written Contracts: (most things like credit cards, installment loans such as mortgage and auto loans, etc) have a 5 year SOL, so any debt that you became deqlinquent on as of say June 2010, is now past the SOL and you can not be sued (or as I said before, if you are served on a debt that is past the SOL, you need to show up in court and simply tell the judge that it is past the SOL).

 

Oral Contracts: (can vary in definition, but most things not covered under the Written Contracts) hold a 3 year SOL

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Thank you for providing your story. We are here to give a helping hand with valuable information but you haven't asked a specific question. Please be more elaborate with asking your questions. But from what you provided i will give some advice.

 

1. Being a college student i know some about the consolidation and deferral of student loans. If you owe interest on all your loans, it will be better to consolidate them so its one payment and one interest rate. Some loans do not build interest until after your out of college for 6 months, if you have these type of loans i would not consolidate. If your currently in default (the 2nd line of his post states they are not due until August, it seems clear that his student loans are not in default).  they will not consolidate your loans or approve deferment. These few loans you can ask for deferment until you get back on your feet. They offer financial distress deferment as well as medical if needed which if you haven't done in the past get it approved for up to a year. 

 

2. You should consider Bankruptcy (are you kidding me?  The things his wife got while he was in prison, whether he can prove are his or not, is past the SOL, the only other thing he has is an $800 debt to the VA that he is paying back and a $600 phone collection that is near, if not past the SOL that he can most likely settle for less or even PFD.  That $7K owed to the school isn't enough to throw in the towel.  He wants to take care of these thing now.  He can move forward and have good credit in very little time because of it, a BK is the wrong direction) depending on the amount of debt and how long it will take you to pay it off. If you know it will take you more than 5 years to clear your debt i suggest it. Once your debt is cleared, you just have to wait time for stuff to drop or you can dispute it after a period of time, i would wait at least 2yr old or older debt (I've read his entire post several times and can not find where he mentions any negative debt other than those he gave dates for, none of which are less than 4 years (and most are 6 years) old?before disputing unless you see a specific error in the reporting. Also Bankruptcy will pick up your student loans if already in default, (no BK will NOT pick up student loans except in extreme hardship cases. It's even VERY RARE that a case is proven to be severe enough then) mine were in deferment at the time i did bankruptcy so i will be coming up to my first payment soon.

 

3. Some of these open lines of credit as long as their current would be helping you credit-debt ratio and credit history. I don't have any experience making payments or if you can stop collection from the VA. (ONLY if you can prove the VA was wrong in the first place) I owed the IRS like $700 once because i didn't put down i sold some stock for one year and i paid them immediately to forgo getting penalties. 

 

4. The collection i would go ahead and dispute it. The older the collection its more likely the company doesn't have the records or they will not want to pursue so it could possibly fall the first time you dispute it. 

 

I hope that helps. 

 

Please read posts thoroughly before accusing someone of not elaborating enough, or in the very least, make sure that you read it well enough to know that the advice you're giving is relevant.  One more thing, don't give advice you aren't familiar with.  I mean, why, (WHY?!) would you advise someone to file bankruptcy  to include loans that aren't even due yet? (regardless of whether they can or can't be included).

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Guest Invalid123

Please read posts thoroughly before accusing someone of not elaborating enough, or in the very least, make sure that you read it well enough to know that the advice you're giving is relevant.  One more thing, don't give advice you aren't familiar with.  I mean, why, (WHY?!) would you advise someone to file bankruptcy  to include loans that aren't even due yet? (regardless of whether they can or can't be included).

I will try.

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