Improve score for mortgage loan, need help!

[Anonymous]

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@Anonymous wrote:

Student loans are in Forebearance they are $4000 total that's the only thing on my credit thats not paid off. Should I start pain or wait until the end of the Forebearance term

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The SLs, no baddies on them, right?

Have you ever paid down any of the balance or is this the original balance?

Is this your only installment loan?

I think the same thresholds exist for SLs as any installment loan. @Anonymous correct me if I am wrong, but that is under 60% and 9%? 

If those are the thresholds and you are at say, 100%+ of the original loan, then it would only helo you score-wise if you could get it under one or both of those thresholds. If you cannot make it under even 1 of the thresholds, I would save your efforts.

[Anonymous]

OP, just a quick reminder that FedLoans are currently at 0% until the end of Jan, so if you do want to pay, it couldn't be a better time since interest isn't racking up! 

[Anonymous]

I think OP is worried about the mortgage Scores, so those thresholds won’t really matter but 10% and 65%. There in forbearance so we didn’t know the effect on score.

[Anonymous]

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@Anonymous wrote:
I think OP is worried about the mortgage Scores, so those thresholds won’t really matter but 10% and 65%. There in forbearance so we didn’t know the effect on score.

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I do not believe forbearance affects scores other than they will either calculate the SLs at 1% (customary) or another %, depending on lender, for DTI calculations. I believe OP would need to take them out of forebearance to prove the minimum payment otherwise. If it is a IBR plan, only certain lenders are willing to work with that and often many discard it and work with their calculation. I have seen this vary from 0.5%-2% of the balance. Since the loan(s) is not huge, only OP can determine if the DTI will impact them significantly and base their lender off of that.

[Anonymous]

Thanks 🙏 

[Anonymous]

January almost a year ago 

[Anonymous]

Then you should get some more points this January

[Anonymous]

Yes

[Anonymous]

It's the original amount didn't have to start making payments until this January so no bad marks on it so if I start paying it down my score might start to climb 

[Anonymous]

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@Anonymous wrote:

It's the original amount didn't have to start making payments until this January so no bad marks on it so if I start paying it down my score might start to climb 

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@Anonymous sorry I misunderstood. I thought you were talking about the 30 day late was January a year ago. I was asking when the 30 day late was?