STUDENT LOAN DEBT

[Anonymous]

So my wife has 2 student loans of about $60,000 on her credit report from 20 yesrs ago. We can't get her scores to go up even after paying off repos, old credit cards etc. . Someone told me student loans don't effect your score. Could this be the problem as to why the score won't really increase? 

we are prepared to do anything we neeed to do. 

[CreditInspired]

I think we may be able to help if you provide additional info. 

*What are her 3 Fico scores?

*Are there any baddies presently on her report? Lates, BK, etc

*What is the AoOA

*Inquiries in the kast 6/12/24 months

*What is aggregate UT and individual UT?

[chiefone4u]

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@Anonymous wrote:

So my wife has 2 student loans of about $60,000 on her credit report from 20 yesrs ago. We can't get her scores to go up even after paying off repos, old credit cards etc. . Someone told me student loans don't effect your score. Could this be the problem as to why the score won't really increase? 

we are prepared to do anything we neeed to do. 

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If the student loans are in default, it will most definitely hold the scores down.

Government backed student loans are one of the few forms of credit that are exempt from the 7 year statute of limitations for removal from credit reports.

If you kindly provide the information requested by @CreditInspired as well as the servicer of the student loans in question would greatly improve the quality of responses, and allow other members to help you find the path of least resistance to improving the scores in question. 

[calyx]

Student loan debt in an of itself does not seriously impact your scores (since they're installment loans).

The question would be:  What is the status of the loans - if defaulted, then yes, they'll hold down your scores.   And if they're federal loans, they won't go away.

[disdreamin]

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@Anonymous wrote:

Aside from the student loans potentially being in default (?) it's a good idea to build your wife's credit score with positive credit practices. Can you open a cc in her name, keep the utilization rate low, and make consistent payments on it? It can take some time, but taking these steps will put positive marks on her credit report that over time can help.

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I know it might not have been meant the way it came across, but "Can you open a cc in her name" should probably be "your wife could open a cc in her name" with the same stipulations about utilization and payments.

No one should be opening accounts in anyone elses's name, and implying that a spouse (presumably husband) should be controlling their wife's finances comes across as very 1950's. Said wife should be very much involved in the process as individual credit is an important financial tool.