05-15-2017 04:30 PM
I have ~$40K in student loans that I am ready to start tackling.
For many years they have been in forebearance and deferred, due to me going back and forth to school. I was making small payments here and there, and also being irresponsible sometimes and ignoring them. I don't have an excuse, I was just being dumb with these loans. I'm taking credit a lot more serious now, so I need to regain control of these accounts.
Last week, I received a new statement for $50, so I paid it right away. I don't intend to make minimum payments forever, but I want to avoid anymore 30/60/90 on my reports.
I reviewed all 3 of my reports and I see differences (different late reporting dates, open dates, etc).
In the world of student loans, what EXACTLY can I dispute? I'm not looking to dispute accurate information, but if I can get some "bad" information removed, I'd be in a much better position with my credit scores.
Any info is greatly appreciated (besides the obvious like pay bills on time lol) Thank you!
05-16-2017 07:47 AM
Student loans are one of the more difficult baddies to get removed. Student Loan servicers are notoriously hard nosed on removing ANY lates or missed payments. That being said, it would help to know who your student loan owner is. Someone on the forum may have a contact you could plead for mercy from.
As far a payments- student loan interest compounds. Quickly. And terribly. I would advise against making minimum payments only- this will solely go to interest and not principle which will only balloon your debt. Obviously if you can't pay more than the minimum, at least pay the min on time.
I will also say this- if you are in a position, depending on your credit score, you could refinance a gov't backed loan with a private loan financer like Credible. That could bring your interest rate down. OR, open a 0% CC and use that to pay off the loans. This will save you money on interest in the long run.
And you're not in it alone. I have 65K in Student Loan debt that I have been paying diligently for 10 years. And it never seems to make a dent. I am going to use th 0% CC tip I gave above as soon as I close on my house next month.
Hope this was helpful in some way!
05-19-2017 06:06 PM
Glad to hear that you are getting things under control with your student loans. I think you are in the same boat as many of us that we tend to not think about the student loans since they are out of sight out of mind.
One thing that you can do is check to see if any of the lates were reported during a time that your loans should have been deferred because you were in school. Or if you were on a forebearance. This is a good way to make sure that the student loans are being reported accurately. If you do find lates reported during time you were in school, then you can contact the servicer about having that corrected.
05-20-2017 12:56 PM
05-20-2017 01:05 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.