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Ok so I'm doing good so far in rebuilding credit. Currently I have two cards (Both Cap1, QS1, which I received last night and the secured).
2 collections are paid and off the report.
1 collection falls off next month.
And student loans, this is where I need help with. High balance is/was around 9,000. Balance around 7,000 the student loans are in collections. BUT I see several accounts salle mae NJ Board of ed. and they alternate. From the letters I received asking for payment NJ board of ed is in control of it filed with government, so you know what that means when tax season comes :/ (Haven't been able to pay before because I was making table scrap money in NY) I have a better job now making decent money so I'm taking care of what I owe. Is there away to attempt to get rid of all the collections that aren't current?
I'm guessing what happened was is that the Student loans were resold and thus refreshed on my reports. and is it better for me to wait a few months so I can have around 5,000 or so in liquid funds to approach them and try to settle or get on their installment plan.. Either way I know its going to hurt my score some because all though it is negative it is my oldest account.
Credit score from Experian that I got from a denied application is 606... I was hovering around 530 2-3 months ago, My goal is to be well over 650 before the year is over or get close/into the 700's.
Any advice?
Are the student loans in default status? If so, you could look at rehabbing them rather than waiting to settle. There are some advantages in terms of credit score to doing that.
Yea student loans are defaulted.
Definitely look into a rehab on them - it removes all the negatives and turns them to positive accounts after 9 months of payments.
Thanks, I'll start making contact