08-24-2012 01:31 PM
I think the only thing holding back my credit score now are my late payments to my student loans. Particulary Sallie Mae as I have several 120 days late showing on my credit from 2011. Come this October 1, the will all be over a year old.
Does anyone know how long this damage affects your credit score. I know after a year it should be less of an affect, but not sure with student loans. My current scores are between 650-696 depending on the bureau. I'm trying my darnest to get over 720.
08-24-2012 04:30 PM
Those are considered major derogatories, & will probably hurt for the entire time that they are on your reports. I believe the effect will be somewhat lessened after the 1st 2 years, but they will still be costing you points, especially since you said you have several of them. It is very unfortunate that they are fairly recent.