Somehow we missed the notification that we were to resume making SL payments. In 2012 we paid $10,000 on student loans which paid for 5 year's worth of payments in advance. EVery month since then the statements said no payment due. But we must have missed the notice that we had to start paying again. We just pre-qualified for auto financing and I checked my credit score to gauge the APR and was shocked to receive an alert the same day that we are 90 days late on SL and we took a 79 point hit to the credit score. I immediately set up payments to bring the account current and faxed in the auto pay auth form. Now we obviously can't get the auto loan at this time. There are things we can do to bring up our score. We have high utilization on credit cards so we are going to bring those balances down as low as possible to keep the cards open. But I'm worried about CL being decreased due to low usage. Is there a way to prevent that? Also I know the lates are going to be on my report for 7 years. But how long can I be denied credit due to this late payment if I improve my credit score quickly? We are not in desperate need of a vehicle but our car is old and just passed the 100k threshold. Thank you! Labels: Debt Management Add Comment Kudo 0 Success! mamahearts mamahearts Frequent Contributor 11:01 PM Also wanted to add that I only owe $1525 and I'm paying $620 this month which is what is past due and currently due. Leaving me a balance of $905 and my pyt is $162/ month. So student loans will be paid off in about 5 months.