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Question on strategy to take

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CaneVariant
Established Member

Question on strategy to take

Looking for a little advice. In looking at my credit reports I see that the bureaus all have slightly different reporting of my student loans. EX has me with 3 loans ($13k/$13k?$26k) TU 2 loans $13k/$13k) and EQ 1 loan ($26k). All are listed in good standing with solid payment (23 years) so they must be helping. My question is: Should I bother disputing that all have been paid in full in August via student loan debt relief. I honestly thought I was going to be paying them forever so just getting them zeroed is beyond a Blessing, any residual FICO pop is a cherry on top. Thoughts? Thank you for your consideration.
Starting Score: 575
Current Score: 575
Goal Score: 650


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4 REPLIES 4
JoeRockhead
Senior Contributor

Re: Question on strategy to take

Just my opinion but if it's not negative information,  I wouldn't bother with it.

 

If, just for example, only one of the loans is left showing a balance, and it's your only open installment loan, you could take a 20 to 30 point score hit for no open installment loan. 

 

My vote is to leave it be, and let nature take its course. I'm sure it will be updated.... eventually 

Message 2 of 5
pizzadude
Credit Mentor

Re: Question on strategy to take

Agree, unless you're going to be applying for financing or credit soon and need to show the loans as paid I wouldn't worry as it will eventually update.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 5
CaneVariant
Established Member

Re: Question on strategy to take


@JoeRockhead wrote:

Just my opinion but if it's not negative information,  I wouldn't bother with it.

 

If, just for example, only one of the loans is left showing a balance, and it's your only open installment loan, you could take a 20 to 30 point score hit for no open installment loan. 

 

My vote is to leave it be, and let nature take its course. I'm sure it will be updated.... eventually 


Thank you for the reply. I will stand by. This will give me time to get a SSL set up at either Penfed or NFCU to offset the eventual no open installment hit. Cheers!
Starting Score: 575
Current Score: 575
Goal Score: 650


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Message 4 of 5
CaneVariant
Established Member

Re: Question on strategy to take


@pizzadude wrote:

Agree, unless you're going to be applying for financing or credit soon and need to show the loans as paid I wouldn't worry as it will eventually update.


I want to thank you as well pizza dude, I just could not figure out how to get you and Joe quoted in the same reply. Cheers!
Starting Score: 575
Current Score: 575
Goal Score: 650


Take the myFICO Fitness Challenge
Message 5 of 5
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