08-28-2012 06:52 PM
OK, so I paid off my student loans (4 total) in September 2010, and had no luck getting the way they are being reported (current/paid off - was 180+ days past due) adjusted/removed. That's life. But I am coming up on the 24 month anniversary of payoff and was wondering if I might see a bump in my credit score sometime soon. I've opened a couple CC accounts and have a good payment history with them, and my score has gone from the low 500s to about 630. I've worked with a local CU and am nearly done paying off the second of my "credit rebuilding loans". The first loan was $500, and second was $1500. I took out the loans so that I could have some positive info added to my record. It's worked out pretty well all things considered. I have no debt other than CC debt (~$500) and my loan (~$320), and no recent derogs. I'm trying to stay motivated with this process, but progress is slow. Now I'm in need of a new car before winter sets in and it hurts to think of another loan at 16%. Is it wishful thinking or should I start seeing progress soon?