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Student loan question

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creditgirl
Regular Contributor

Student loan question

I have a student loan (perkins) that is in collection on my credit report currently. The loan does not show on my cr as in default (although technically it is), just as a collection account. The ca that they have turned the loan over to is not (and will not, I have it in writing) reporting.
 
I have consolidated this loan and when the school receives the money (the check was mailed on 10/3) they are going to update it to paid through consolidation.  So essentially, it will appear as though the loan was never in default.

I am wondering, should I expect a significant increase in my score when this is all updated?  I'm hoping so. I have seen improvement in my fico but I am still waiting for those 30, 40 and 50 pt jumps LOL!  I'm hoping since this is new (this year) that having it removed will help out my EQ score as it is the PITS!!
 
 
FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Student loan question

You never ever know. Some people have had double digit jumps depend on age of acct and how it factored into scoring model and some have had single digit jumps.
 
it is just something you will have to wait for sorry
Message 2 of 4
creditgirl
Regular Contributor

Re: Student loan question

Thanks! I'm hoping to see something more than a few points being that it just went into collections less than 6 months ago and will the collection will be completely cleared.  We will see...
FICO 9/1/07 FICO 9/26/07
TU--534 TU--538
EX---552 EX---562
EQ---454 EQ---454
Message 3 of 4
Anonymous
Not applicable

Re: Student loan question

Since it is very recent you might see a nice jump
Message 4 of 4
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