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New Contributor
Posts: 64
Registered: ‎02-28-2015
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Should I pay off this student loan? How to increase score faster? Advice Please!

Okay so I started rebuilding my credit at the end of May.


My scores were:


Equifax - 464

TU - 486

Experian - 479


Now they are:


Equifax - 518

TU - 493

Experian - 511


So all I did was apply for 3 Secured Cards.


I have Capital One Secured($400) , US BANK Secured($300) , Open Sky Secured($200).


Ive made one payment on each.  Capital One accidently reported me at $100 balance even though I paid it but whatever.


Anyways , I have a fraud on my chexsystems for some crazy incident that happened 2 years ago so I cannot open a savings account to Apply for the ALLIANT Secured Loan! This is crazy.  I even explained to them what happened.  But whatever , I'm over it.


I have a $3800 Student Loan from 6 years ago , will paying this off help my credit? Its on my credit report.  Whats the best way to go about this? Its with US Dept of Education.  It says went to collection.


Also , I have a bunch of collections totalling $9000 from awhile ago , but most disappear end of this year, so I'm guessing I should just wait for those.


Anyways , what should be my next step? I have some money on the side and I really need to rebuild my credit ASAP , trying to finance a car lol!


Any advice appreciated! Thanks!!

Frequent Contributor
Posts: 390
Registered: ‎03-21-2016
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Re: Should I pay off this student loan? How to increase score faster? Advice Please!

The student loan is doing the same thing the alliant ss loan would of done.
Although I opened a Alliant SS loan, I didn't need to. I owe 53 bucks on a 18 year old student loan... I pay 1 dollar a month just to keep it open and aging.

I'd give those three cards 6 months, and your scores will start improving.

8/2017 - EQ 686 // TU 670 // EX 676
3/2016 - EQ 615 // TU 605 // EX 621
New Contributor
Posts: 64
Registered: ‎02-28-2015
0 Kudos

Re: Should I pay off this student loan? How to increase score faster? Advice Please!

My student loan was sent to a collection agency lol.


Should I contact collection agency and set something up? 

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