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Bad Credit Score from student loans

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PD_
New Member
New Member

Bad Credit Score from student loans

I am looking for advice. My credit score has gone down to 510. This is due to student loans and a few bills being more than a month late and then reported. I have private student loans and federal student loans. Honestly on my salary of $45,000 I juggle my bills and I really cannot afford the student loans. I am just paying the interest on the private student loans. All of my federal student loans have come off of the covid forebarance and are a few months behind. I am looking for any advice on how to improve my credit score and advice with dealing with student loans. I owe around $80,000 in student loans. Thank you!

Message 1 of 4
3 REPLIES 3
Itgem679
Regular Contributor

Re: Bad Credit Score from student loans

Have you contacted your servicer to apply to be on an Income Based Repayment? They have different ones. I applied (130K in loans) and before the pandemic I was only paying $50/month. After a certain number of years, the remaining balance is often reviewed and forgiven. I hope this can help you to not default on them. Smiley Happy

Gardening until 2023. Current scores (11/2022): Ex: 757 Eq: 757 Tu: 757
CLs: (As of 12/2022)
First Tech World Mastercard: $10k
American Express: $1K
AAdvantage: $2.8K
Wells Fargo Platinum: $4.6K
Discover It (blue): $4.5K
Discover It (red): $4.5K
~6 other cards with limits under $2K
Auth'd user on 1 Capital One card.
All balances stay under 5%.
Message 2 of 4
susantrexel
Valued Member

Re: Bad Credit Score from student loans

Federal student loans have not come off covid forebearance yet. That doesn't happen until August or September. 

Message 3 of 4
CreditBob
Established Contributor

Re: Bad Credit Score from student loans

Contact the lender to see if possible, that they can remove any late payments. If not, then you need to bring all credit accounts current. 

Message 4 of 4
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