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Loan Defferment

New Member

Loan Defferment

I have been working on improving my credit score since September of 2006.  I can honestly say I went about it the wrong way.  My scores were between 570, 589, and 611.  Since that time I have paid off 9 of the 11 charge-offs that I have.  The two remaining have been very difficult to negoiate with.  I have made sure that all my payment are on time(I only have two payments car loan & student loan).  In February I decided to try to apply for credit and I applied with premier & capitol one to my surprise they both issued me credit.  I also started school again in January and that meant new school loans.  Well my original student loan has been deffered as a result of my new loans and my payments have stopped being taken from my account.  My question is will this cause my score to be affected negatively?  The reason I am asking is I originally was told by a realtor to pay off my collections and my score wold increase but after doing so my credit score dropped to 501, 509, and 523.  I have gotten my score back up to the mid 500's now and I am trying to stay on this path but I am afraid that this deferment will hurt my score? Please help
Message 1 of 3
2 REPLIES
Moderator Emeritus

Re: Loan Defferment

Student loan deferment will not hurt your score with the exception that you may see a notation 'installement loan balances too high'.  As long as they are in a deferred status they should not be considered but that is on a bureau by bureau basis I find.
Message 2 of 3
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Moderator Emeritus

Re: Loan Defferment

Agreed. I have deferred a few times. Doing so had no impact on my scores.
Message 3 of 3