$220,000 in student loan debt

[holuh3]

So, I have about 220K in student loan debt, variously consolidated and not, from 4%-7.5%, which obviously shows on my CR as "installment."  I have several CC's:  Credit Union, (2000/9000) Chase Visa Signature $0 (I know), a Key Bank Mastercard 2000/9000 (Citi), B of A x 2 (3500/5000 and about to BT 2000/5000),  Discover (6500), AmEx Green, and just changed Amex Delta to Blue Cash.  I also have some 'sub-prine' ones which will be paid off soon:  HSBC/Discover ($0), Juniper ($1500), and CapOne ($600).  I have an unsecured LOC at $25,000 which reports as a credit card. Besides the obvious (paying down the balances to decrease util), is there anything else I need to do to off-set the student loan debt?  Should I just open more TLs to make the util look better? Or chill ?  I have some old (over 4 year) lates, and a few new accounts, but nothing terrible on my CR.  I know the high revolving debt is killing me (but it's all been moved to low interest), I just can't pay it all off at once. I just opened the AmEx green and made the Blue product change.  I'm tempted to app for the Hilton card, since I stay there all the time, but I'm afraid to spook AmEx (the BT to B of A wil bring my balance there to zero).

[Anonymous]

If your concerned about your scores-

Quit apping and  take that world class education and pay that debt off-

[Anonymous]

The Student loan debt $ amount means little to FICO unless you are late (Even though this is MORE than I owe on my house)

[Anonymous]

First off...what are your scores?

Don't be concerned with your Installment debt. It is looked at differently then revolving and doesn't hurt near as much.

Pay down the revolving credit cards and yes, stop applying for more credit.

Pay on time every time and let time take its course.

"Chase Visa Signature $0 (I know)" What does this mean?

[MattH]

Ouch, that's over twice the balance on my mortgage! If you can stand to continue living like a student for a few years before enjoying the well-earned fruits of your education then you could pay it down surprisingly quickly with frugality.

[fishbjc]

Do NOT be late on those student loans...ever. 

Stop apping.

You should be fine, those student loans aren't giving you too much fico grief.

Congratulations on furthering your education!

[holuh3]

For all of you who find this amount shocking; it was medical school, and not an expensive one.  What it got me was a job taking care of kids with disabilities making $86,000.

[Anonymous]

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@holuh3 wrote:

For all of you who find this amount shocking; it was medical school, and not an expensive one. What it got me was a job taking care of kids with disabilities making $86,000.

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Don't take everyone's shocked reaction to your SL as an insult. I think it's more indicative of shock at how much a good education costs nowadays!!!

(For DH, two years of private/military school, 2 years of U/G and 4 years of G, we've taken out about $50K!! ... so you see what I mean about the "nowadays" remark!)

Also, you seem to be the anomaly here ... most SLs that posters describe are in the area of $40K!!

I think you'd incur the same level of shock over at the mortgage forums if you posted that you have a $600,000 mortgage!!

[holuh3]

Funny, I can't afford a mortgage.

[haulingthescoreup]

My older daughter is headed to med school and will probably graduate with a quarter million dollars' worth of debt, not counting a year in between years 3 and 4 to go elsewhere for an MPH. She plans to go into global public health, which isn't exactly a big-bucks field either. Kudos to both of you for going into areas really needing help, as opposed to giving Botox injections or something.

Good luck, and anyway, as the others said, concentrate on the revolving debt and just be sure to keep current with the student loans. They seem to be in a special category, even within installment debt, and they probably aren't having that much affect on your scores, odd as that sounds. The main thing that anyone can do over time for their credit is to remain squeaky clean in terms of timely payments, and be judicious in acquiring additional credit. Be really choosy when looking at new credit, as in "Do I want to see this thing on my credit reports for the next ten-plus years?"

If you have time, you might want to read the High-Achievers thread in my siggy. For young people (I'm 53 --everyone's young!), it can get you thinking about where you want to be over time.