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Regular Contributor
lolabelle
Posts: 146
Registered: ‎11-03-2009
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Re: if you have no lates does outstanding student debt lower your score a lot?


danny4l wrote:

My lates will be removed in 2017.  At that time, I will have over 120000 in student loan debt outstanding.  I don't think I will pay that off for at least 15-20 years so how is my score going to look even though I will have no lates or anything else but just the outstanding debt?

 

Is it still possible to have 750 plus while you are carrying 1200000 of student debt?


Yes. I have well over that and my score has also been well over 750 within the past few years. It went down recently, likely due to high utilization, too many inquiries, and decreased AAoA. I expect it'll be well over 750 again in the next year or so, since my utilization is way down again, inquiries will be less relevant, and the new accounts will age. Just pay on time. Always. In fact, pay early - even better.

Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


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Regular Contributor
lolabelle
Posts: 146
Registered: ‎11-03-2009
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Re: if you have no lates does outstanding student debt lower your score a lot?


psychoinhell wrote:

GST2008 wrote:

My scores are in the low 700s and I recently graduated with 225k in loans (it hurts me to type that number).  Hopefully they will be in the mid 700s later this year once I pay down a CC or 2 that are a bit higher than I'd like.  When I run the score simulators, the student loans are never an issue, I get messages saying I should add a mortgage and have a higher AAoA.


I hope you got a MD for that much money.  Even if I go to a private law school, when I combine all of my present student loans with potential future loans my undergrad, MBA and JD will be around 150k


That's pretty incredible. Many private law schools are running upwards of $40k per year, when all is said and done (tuition, fees, books, etc.). 3 years puts you at $120K+ just for law school, if you rely entirely on loans. Is it safe to assume you expect to pay out of pocket for some of your education?

Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


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Regular Contributor
psychoinhell
Posts: 565
Registered: ‎06-12-2010
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Re: if you have no lates does outstanding student debt lower your score a lot?

I am halfway done with my MBA and only about 33k in debt with student loans.  A few scholarships, a few grants and a few loans... I have kept my borrowing to a minimum.

 

The only way I could justify being in debt 225k is if I was able to get into a top 20 law school (which is not likely) and even then being an older student it would be hard for me to nail one of those six figure jobs that are associated with top 20 schools.

 

From my research most private schools are last on my list of choices.  Many of the ones that send me scholarship information are tier 3 or 4 schools with poor potential earnings.  I would more seriously consider a tier 3 or 4 public school and pay half the tutition.  I am doing serious research before I start a law school app spree :smileywink:  First choice is my local public law school.  If I do not qualify there, then when I am done with my MBA I will do some serious prep for LSAT and take it again to try to improve my score.  Then do my app spree in 2014.

 

Very vague info, just do not want to hijack the thread with too many details.


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
Goal Score: 801
Regular Contributor
lolabelle
Posts: 146
Registered: ‎11-03-2009
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Re: if you have no lates does outstanding student debt lower your score a lot?

[ Edited ]

psychoinhell wrote:

I am halfway done with my MBA and only about 33k in debt with student loans.  A few scholarships, a few grants and a few loans... I have kept my borrowing to a minimum.

 

The only way I could justify being in debt 225k is if I was able to get into a top 20 law school (which is not likely) and even then being an older student it would be hard for me to nail one of those six figure jobs that are associated with top 20 schools.

 

From my research most private schools are last on my list of choices.  Many of the ones that send me scholarship information are tier 3 or 4 schools with poor potential earnings.  I would more seriously consider a tier 3 or 4 public school and pay half the tutition.  I am doing serious research before I start a law school app spree :smileywink:  First choice is my local public law school.  If I do not qualify there, then when I am done with my MBA I will do some serious prep for LSAT and take it again to try to improve my score.  Then do my app spree in 2014.

 

Very vague info, just do not want to hijack the thread with too many details.


That sounds like a good plan. Keeping borrowing to a minimum is always a good idea, where possible. I did go to a top tier private law school for both rounds, and footed the bill myself for undergrad, so there was no way I was getting out with less then $150K of loans.

Just as an FYI - I wouldn't write off the notion of getting the six-figure job just because you're an older student. I was an older student, myself, and was in school with quite a few older students. I chose to go into government to preserve my work-life balance as much as possible, but many of my older classmates went on to get the first-year associate big law positions.

I only really know about the legal profession, so this may be different or it may be the same in others. I would say it's a very good idea to decide where you most likely want to practice and in what area of the law, and let those two factors drive your decision about where to apply. In the legal profession, there tends to be a considerable amount of geographic and school-based preference shown by employers.


Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


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Regular Contributor
psychoinhell
Posts: 565
Registered: ‎06-12-2010
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Re: if you have no lates does outstanding student debt lower your score a lot?

I would also prefer a government job :smileyhappy:  My second choice would be in house counsel for a corporation, combining my MBA with JD.  I really do not want one of those first rate law firm jobs, the 80+ hour work weeks do not attract me at all.  What good is money if I cannot enjoy making it?  Besides working all those hours, how can I plan for my next degree?

 

As for what field/specialty I am interested in...  I am actually playing that by ear.  Oh I could say one thing now, but at the end of the first year I may find that I have a knack or serious interest in another area.  The only preconceived notion that I have is that I will have to work my butt off :smileyhappy:

 

I also realize that if I do not go to a top 20 school I will most likely be stuck in the region I get my degree at.  That caused me to write off ND, SD and WY, too damn cold!  It put Texas Southern on my radar (as a last resort).  I would like to be near the Gulf Coast, but avoid FL.  If I had to choose a school to go to right now (and could get accepted) other than my local law school (and be stuck in that area) it would be Mercer or Loyola at New Orleans.  For third tier schools the alumi are really fanatical about recruiting grads from those schools.  Both schools also have a good track record of grads getting Federal jobs.

 

I have been doing lots of random research.  Just need to get serious and finish my personal statement by August.  I am getting my LORs and Evals in line.


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
Goal Score: 801
Moderator
MarineVietVet
Posts: 14,918
Registered: ‎07-14-2009
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Re: if you have no lates does outstanding student debt lower your score a lot?

Out of respect to the OP let's get back on topic please.

Frequent Contributor
danny4l
Posts: 299
Registered: ‎05-24-2012
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Re: if you have no lates does outstanding student debt lower your score a lot?

Thank you moderator.  I didn't know where this post was going

 

Anyway, does anybody else have any other input regarding the matter?


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