topic Re: Student Loans Ruined My Rebuild in Rebuilding Your Credit

Student Loans Ruined My Rebuild

Anonymous — Sun, 17 May 2020 03:28:23 GMT

I'm in need of recommendations, advice, anything on how to go about repairing my credit. I thought I had a good understanding of what to do but it looks like I’m hitting a huge roadblock. I was able to increase my credit score from 549 to a high of 663. My student loan amount increased and dropped me all the way down to the 573 range. Now, I'm having to start all over again.

Current scores:

Credit Sesame573
Creditwise561
Experian562
CK Transunion560
CK Equifax564
Turbo573

Negatives:

CapitalOne Card: Several late payments with a balance of $2182. I’ve been able to maintain on-time payments for quite a while now.

Victoria Secret: $0 balance with a few late payments

AMEX Delta: Charged off on all 3 reports. The balance is $1300

Student Loan Debt: $29,025

Current Cards

CapitalOne Quicksilver
Discover Secured Card
AMEX Platinum (authorized user)

I’m looking for any way to get things back up as quickly as possible. My goal was to hit 700 then start working on my business credit and now I’m completely sidetracked. I’m military-affiliated if there are any other benefits outside of SCRA that I might be unaware of.

Re: Student Loans Ruined My Rebuild

Anonymous — Sun, 17 May 2020 06:01:14 GMT

@Anonymous wrote:
I'm in need of recommendations, advice, anything on how to go about repairing my credit. I thought I had a good understanding of what to do but it looks like I’m hitting a huge roadblock. I was able to increase my credit score from 549 to a high of 663. My student loan amount increased and dropped me all the way down to the 573 range. Now, I'm having to start all over again.

Current scores:

Credit Sesame573
Creditwise561
Experian562
CK Transunion560
CK Equifax564
Turbo573

Negatives:

CapitalOne Card: Several late payments with a balance of $2182. I’ve been able to maintain on-time payments for quite a while now.
Victoria Secret: $0 balance with a few late payments
AMEX Delta: Charged off on all 3 reports. The balance is $1300
Student Loan Debt: $29,025
Current Cards
CapitalOne Quicksilver
Discover Secured Card
AMEX Platinum (authorized user)

I’m looking for any way to get things back up as quickly as possible. My goal was to hit 700 then start working on my business credit and now I’m completely sidetracked. I’m military-affiliated if there are any other benefits outside of SCRA that I might be unaware of.

Other than Experian, those are Vantage scores.

Besides that, are the SLs defaulted or do they have late payments only? SLs can be painful because often even though you only make one payment, they can be many seperate loans, so when you are late, you get many lates marked against you instead of one.

How long ago were the lates with the above creditors? That probably also has a lpt to do with alon with the SLs.

Good luck!

Re: Student Loans Ruined My Rebuild

FireMedic1 — Sun, 17 May 2020 09:25:37 GMT

@Anonymous wrote:
I'm in need of recommendations, advice, anything on how to go about repairing my credit. I thought I had a good understanding of what to do but it looks like I’m hitting a huge roadblock. I was able to increase my credit score from 549 to a high of 663. My student loan amount increased and dropped me all the way down to the 573 range. Now, I'm having to start all over again.

Current scores:

Credit Sesame573
Creditwise561
Experian562
CK Transunion560
CK Equifax564
Turbo573

Negatives:

CapitalOne Card: Several late payments with a balance of $2182. I’ve been able to maintain on-time payments for quite a while now.
Victoria Secret: $0 balance with a few late payments
AMEX Delta: Charged off on all 3 reports. The balance is $1300
Student Loan Debt: $29,025
Current Cards
CapitalOne Quicksilver
Discover Secured Card
AMEX Platinum (authorized user)

I’m looking for any way to get things back up as quickly as possible. My goal was to hit 700 then start working on my business credit and now I’m completely sidetracked. I’m military-affiliated if there are any other benefits outside of SCRA that I might be unaware of.

The title is decieving. Forget the SL's altogether. Your still left with things that will affect you anyway. If the lates happen to be 90-120 day lates. They ding for the enitre 7 yrs. And a CO is almost as bad as a BK. Just falls off sooner. The AMEX CO is considered a maxed out card and thats taking a toll also. I'll get @calyx to see what can be done with the SL part. But those above need to be dealt with. More of them than the SL. Basically you need to pay off or settle with AMEX. GW'ing Cap1 doesnt fare well with them.

Re: Student Loans Ruined My Rebuild

Anonymous — Sun, 17 May 2020 11:53:42 GMT

Also as stated above, you're looking almost exclusively at VantageScores. A VS score and $3 will get you a cup of coffee. They're irrelevant. Spend a dollar and get your three FICO 8 scores at www.creditchecktotal.com to see where you actually stand. Cancel before the seven day trial ends so you aren't enrolled into a $30/month subscription. Then you'll have an accurate snapshot of where your profile sits.

Re: Student Loans Ruined My Rebuild

calyx — Mon, 18 May 2020 18:05:35 GMT

As others said - it's not the Student Loans, unless there's something wrong with them. They're considered installment loans, and the amount of the loan will have no effect on your credit score. It *would* play into whether or not you could get more credit/more loans due to impacting your DTI, though.

Are they current?

Re: Student Loans Ruined My Rebuild

Anonymous — Fri, 22 May 2020 16:13:29 GMT

I appreciate all the replies and I was able to do a better deep dive this week.

Experian - 562

Equifax - 614

TransUnion - 626

Checked on my student loans (greatlakes) and I haven't had any missed payments or anything but ran across this article this morning.

https://www.prnewswire.com/news-releases/berger-montague-great-lakes-equifax-transunion-and-experian-sued-for-damaging-millions-of-student-loan-borrowers-credit-mishandling-pandemic-relief-301063292.html

Not sure what my next steps should be. Should I still send off dispute letters to all the bureaus and Great Lakes?

I also sent a goodwill letter to Victoria Secret/Comenity. Hoping for the best.