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Newbie: CS 600 with lots of SL debt, what should I do?

oocyte
New Visitor

Newbie: CS 600 with lots of SL debt, what should I do?

Hello, I am a newbie to the boards. Hopefully someone can help me. I'm in graduate school atm.

 

I have $100k SL debt that is current (I will be going into a high salary career when graduated)

I also have $2k CC debt in collections from 2018 which I am still deciding if I should PIF or settle.

I have no current CC otherwise and never have.

CS is 600 on FICO/Experian. However Vantage8 is almost 700. Big difference!

I know most lenders use FICO so I am naturally worried..

....And I see on my report that I have "poor revolving utilization"...

 

1. Is my "poor revolving utiliazation" due to my high SL debt ratio or the fact I have no other CCs /accounts open?

 

2. If #1 is NOT due to SL, should I open a Secured Card and start building up credit?

 

3. Should I pay CC PIF or Settle? I don't want to risk lowering my score 

 

4. SL debt: Currently in IBR-based payment and CARES-act forebearance. Should I start making payments above the interest rate while in school to try to lower my debt ratio?

 

TY!

5 REPLIES 5
Dumbee
Established Contributor

Re: Newbie: CS 600 with lots of SL debt, what should I do?

Depending on which collections agency has that debt, you may be able to settle or PFD

 

 You could name which one, and someone else may suggest a course of action for you


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 2 of 6
oocyte
New Visitor

Re: Newbie: CS 600 with lots of SL debt, what should I do?

Thanks, it's Portfolio Recovery

Message 3 of 6
gdale6
Moderator

Re: Newbie: CS 600 with lots of SL debt, what should I do?


@oocyte wrote:

Thanks, it's Portfolio Recovery


PRA outlines their deletion policy right on their website. It is one you can work with on a PFD

Message 4 of 6
oocyt
New Member

Re: Newbie: CS 600 with lots of SL debt, what should I do?

TY, do you recommend calling them or send snail mail?

Message 5 of 6
gdale6
Moderator

Re: Newbie: CS 600 with lots of SL debt, what should I do?


@oocyt wrote:

TY, do you recommend calling them or send snail mail?


I did all by snail mail but that was before they had any deletion policy. These guys used to be near impossible to deal with. With their deletion policy which you can print with a date on it, it can be done by phone these days. Really up to you which way to go.

Message 6 of 6
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