ing Student Loans When You Don't Have Anything Else on Your Credit Report
09-30-2012 07:37 AM
I have a FICO of 503. Ouch. Last time I checked, it was almost 600. It dropped drastically when I fell behind on my student loans (around $18,500 and listed as 13 separate accounts). I don't have any credit cards. I don't have a mortgage. I don't have a car loan. I have a few collections, but they're all from at least 3 years ago and total less than $1000. I have some things that show as late but were never sent to collections. These also total less than $1000 and are all from 2008 or 2009. I have a judgment for around $4000 that is paid in full. It doesn't even show up on my ScoreWatch.
I know a lot of people say consolidating won't help, but I have very little debt other than the student loans, and none of it is recent. If I consolidate and then pay on time for a few months, do you think that will increase my score drastically? If not, what would you do if you were me?