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604 Credit Score - What Are The Options?

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Regular Contributor

Re: 604 Credit Score - What Are The Options?

Student loan debt never goes away....... i would recommend finding out the amount owed etc. sooner than later they will find out you have income and will start deducting from your pay. If there government loans you can probably get them back on track and get on an income sensitive plan that will be hardly anything at $40k a year....Good luck.....
M.Ed., NCC; TU8 760; EQ 775; EX 737; 1% util, Total Available Credit $350k+
Message 21 of 26

Re: 604 Credit Score - What Are The Options?

I'm planning on leaving the country, so they might not go away but where I'm going its cash and carry.

Message 22 of 26
Frequent Contributor

Re: 604 Credit Score - What Are The Options?

@What_Is_That_Velvet wrote:

I'm planning on leaving the country, so they might not go away but where I'm going its cash and carry.

If your planning on leaving the country and to a location that is cash and carry...I'm inferring that you do not want to face your student loans... they will be here waiting for you with numerous 120 day lates upon your return. 


There is plenty of options even to someone not willing to pay. A forebearance or hardship situation that you can get your payments to $0 monthly and then renew it annually and keep pushing it back. You will still pay interest on the loans so the longer you wait, the more you will pay.. theres no way to get around that. 


But left unattended they will hurt your credit. From reading your posts you have done some work to pick yourself up out of the 400s and it would be a shame to end up back down there for simple things that you can fix or avoid with a little elbow grease and a couple phone calls.


As always, just my opinion. 

Starting scores - 480 - 11/05/18
Current Scores -

Message 23 of 26

Re: 604 Credit Score - What Are The Options?

When I leave the country I'm not coming back - permanent move.  Giving up my citizenship permanent move.  Getting my credit up a bit is just to help out on my transition.  The country I'm going to will not freeze my assets on America's say so.


My student loans are defaulted now 15 years.  And if it gets that deep where they feel like wage garnishments I'll go back to working under the table like the immigrants do for a little less.


I've already conferred with an attorney - as long as I don't own up to the loans the statue of limtiations in the state I borrowed in is up and they can't do anything else.  They are also already charged off - I don't know if they selling them or not but based on what I see on the CR its been a year since they've shown. 






Message 24 of 26
Established Member

Re: 604 Credit Score - What Are The Options?

Unless they changed at one point TD bank did not use ChexSystems when opening a bank account so mayube you can try with them.



I wish you the best of luck!

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Message 25 of 26
Frequent Contributor

Re: 604 Credit Score - What Are The Options?

I don't have any experience with Green Dot's other products, but I have their secured credit card for over two months. No unexpected fees, no nothing. Never say never, but so far, so good.


People with no checking account can pay off their balance by going to stores like Walmart and paying cash or swiping their debit card. (There is a small fee involved.) I wanted to make sure that my Green Dot card got its balance immediately, so when I first got it I went to Walmart, showed them the Green Dot card, they swiped it, took my cash, and in about half an hour I had my $200 credit limit on my Green Dot secured Visa.


I always pay quickly after I charge something on Green Dot (rarely do I have much of a balance at all, and I don't think it's ever gotten up to $50 before I paid it down). I pay in full before any interest builds up. 


One of my friends (from church, actually! Smiley Happy ) has had trouble with checking accounts. Where he worked they gave him a special debit card where his wages were available. It's not an actual checking account, just some weird "account" where he can get access to his income. If he were to get a Green Dot secured card (he doesn't, but IF) he could probably go to Walmart and give them his special employee debit card and tell them to transfer it to the Green Dot to pay a balance. Or, he could go online to Green Dot's special payment page and send a payment using his employee debit card. (I always pay my Green Dot payments online using my bank account's debit card because there's no fee involved.)


My friend did find a bank that didn't do Chex systems (or whatever you call it).  Even Wells Fargo has something called "Opportunity Checking" which sounds like it's one of these special accounts for people with a troubled checking history.


FICO8: Nov 20, 2018:
FICO8: Nov 20, 2019:
FICO8: Jan 11, 2020:
Goal for December 2019: FICO8 640-700 (reached! Fico 681!)
Goal for December 2020: FICO8 685-710
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Overstock $4,250, Walmart $500, Discover IT Cash Back $2400, Navy Fed cashRewards $2000, Shell (Citi) Fuel Rewards $800, Navy More Rewards $17,000, (RIP Green Dot Platinum Secured)

Starting Score: 539
Current Score: 676
Goal Score: 760

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Message 26 of 26
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