Hi all - according to my latest TransUnion report, I noticed that three private loans are scheduled to drop off my credit report this fall according to my state's Statue of Limitations. They total about $17K, which would bring my total debt down to around 40K total (counting federal student loans at about 25K, and a car loan just under 15K). My federal loans I rehabbed and have been up to date for a year, and that raised my score by about 45 points last year. I am completely up to date on everything else currently and making consistent payments. Credit score isn't great right now, obviously because of these private loans that I neglected for so long. I am working to get my credit card utilization down right now, even with the three defualted private loans on them, according to TransUnion's simulator my score will go up by 65 points once I get my utilization under 5%, which I plan to do within a few months, as that is less than $750. So if that's the case, and My TU is at 535, Equifax is at 584 right now then after my CC utilization goes way down, that will put me at 600 for TU, and roughy around the same for Equifax (maybe more). I have accounts that are longer then my private loans, so it wouldn't be my longest account dropping off. I have four total derogs on my count, these are three of them and like I said, account for way more than the fourth, which only is $88 and I need to try to get that one off through a goodwill letter.
Assuming I get my utilization rate down, and most importantly keep it down, and my score is hanging around 600 throughout the summer while I maintain on-time payments...Should I expect to see a significant boost to my credit score from 600 when the private loans fall off?
