How long before scores go up again?!

[Anonymous]

UPDATE:  Checked my EX again and noted this new info under the "what's affecting my score" category:

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The remaining balance on your non-mortgage installment loans is too high.

Your FICO score weighs the balances of your non-mortgage installment loans (such as auto loan or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.

Keep this in mind: This factor will have less of a negative impact on your FICO score as you pay down your installment loans and the total balance decreases.

 FICO High Achievers have paid down an average of 35% of the principal on their installment loans.

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I wonder if this is because Sallie Mae isn't reporting the original amount of my loan, only the balance?  Could this perhaps make it appear that my balance is the limit, and thus I'm still at 100% of the balance?  Should I perhaps call Sallie Mae and ask them to a) report all my disbursements as one loan (I only applied for one loan, why is it showing up four times?) and b) show the original loan amount? 

TIA for your thoughts!

EDITED TO ADD:  The original loan amount was somewhere around $25K, now $17K is owed. 

Message Edited by mrsfoofyfoo on 01-04-2008 05:56 AM

[Anonymous]

They are required to separate the "subsidized" and "unsubsidized" portions of your loan. If you had 2 disbursements to the school this would make 4 loans.

[Anonymous]

interesting...I was so young when I took out my loans I never realized one would split into several. That would explain why I had 5 different loans at one time.

I feel bad for myself and anyone else who went to college in the last 10 years--that seems to be the time in history when college costs were at their peak. It's going to take our generation a lot longer to get started

[Anonymous]

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Timothy wrote:

They are required to separate the "subsidized" and "unsubsidized" portions of your loan. If you had 2 disbursements to the school this would make 4 loans.

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Timothy -- I'm just curious about this.  I consolidated my 13 loans and sallie mae's website currently shows them as two accounts, but in one bundle -- Something like "Group 1, loans 1-14 unsub and 1-15 sub.  My credit report shows only ONE loan with the combined balance.  Is this correct?

[Anonymous]

That just makes me jealous-

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WhirledPeasPlease wrote:

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Timothy wrote:

They are required to separate the "subsidized" and "unsubsidized" portions of your loan. If you had 2 disbursements to the school this would make 4 loans.

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Timothy -- I'm just curious about this.  I consolidated my 13 loans and sallie mae's website currently shows them as two accounts, but in one bundle -- Something like "Group 1, loans 1-14 unsub and 1-15 sub.  My credit report shows only ONE loan with the combined balance.  Is this correct?

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Message Edited by Timothy on 01-04-2008 09:14 AM

[Anonymous]

Does it help if I tell you I still owe them about 58k?  Still jealous?

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Timothy wrote:

That just makes me jealous-

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WhirledPeasPlease wrote:

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Timothy wrote:

They are required to separate the "subsidized" and "unsubsidized" portions of your loan. If you had 2 disbursements to the school this would make 4 loans.

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Timothy -- I'm just curious about this.  I consolidated my 13 loans and sallie mae's website currently shows them as two accounts, but in one bundle -- Something like "Group 1, loans 1-14 unsub and 1-15 sub.  My credit report shows only ONE loan with the combined balance.  Is this correct?

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Message Edited by Timothy on 01-04-2008 09:14 AM

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[Anonymous]

Nope- I am no longer jealous

Mine are under $9800 total 7% fixed

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WhirledPeasPlease wrote:

Does it help if I tell you I still owe them about 58k?  Still jealous?

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Timothy wrote:

That just makes me jealous-

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WhirledPeasPlease wrote:

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Timothy wrote:

They are required to separate the "subsidized" and "unsubsidized" portions of your loan. If you had 2 disbursements to the school this would make 4 loans.

---

Timothy -- I'm just curious about this.  I consolidated my 13 loans and sallie mae's website currently shows them as two accounts, but in one bundle -- Something like "Group 1, loans 1-14 unsub and 1-15 sub.  My credit report shows only ONE loan with the combined balance.  Is this correct?

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Message Edited by Timothy on 01-04-2008 09:14 AM

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[Anonymous]

Oh, and that's ALL undergrad from 1990-97 and the "I don't know what I want to be when I grow up" period of my life.  I've paid my graduate loan off.  (Woohoo!) 

I checked and I'm at 59k @ 6.875% fixed.  This is my next dragon to slay.

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Timothy wrote:

Nope- I am no longer jealous

Mine are under $9800 total 7% fixed

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WhirledPeasPlease wrote:

Does it help if I tell you I still owe them about 58k?  Still jealous?

[Anonymous]

yeah I hear ya...I've been vowing to live like a poor person this entire year in hopes I can put 50% of my income towards paying off loans.

At least interest rates have dropped again--mine are all at 6.65 percent.

[Anonymous]

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rifleman wrote:
yeah I hear ya...I've been vowing to live like a poor person this entire year in hopes I can put 50% of my income towards paying off loans.

At least interest rates have dropped again--mine are all at 6.65 percent.

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Best of luck to you.  My current plan is to pay an extra 10 dollars every month, ie, jan +10, Feb +20, March +30, etc.  I might get stuck at a number, but I'm refusing to go backwards.