Student loan lates affecting FICO?

Anonymous · ‎05-28-2008

** Moderators, please feel more than free to move if it's not in the right place!

**

How badly (compared to other dings such as collection, tax liens, etc) does multiple lates affect your FICO? Ours were recent (we only just got caught up to the tune of $5K) and BAD. You could easily say that we were days away from default!

If its a BAD ding (again, compared to the others), how long to recover? Does anyone know? Has anyone here been denied a mortgage or installment loan because of student loan lates??

Thanks much, much, in advance!!

Anonymous · ‎05-28-2008

Well if you were close to default- it should be safe to say you were 120+ days late-

Must pay on time- never be late again

Keep utlization down

Have some positive trade lines-

You can get back to your 600 goal pretty quickly-

700 is posible with 2 years clean payments-

Wonderin wrote:
** Moderators, please feel more than free to move if it's not in the right place! **

How badly (compared to other dings such as collection, tax liens, etc) does multiple lates affect your FICO? Ours were recent (we only just got caught up to the tune of $5K) and BAD. You could easily say that we were days away from default!

If its a BAD ding (again, compared to the others), how long to recover? Does anyone know? Has anyone here been denied a mortgage or installment loan because of student loan lates??

Thanks much, much, in advance!!

Anonymous · ‎05-28-2008

"Has anyone here been denied a mortgage or installment loan because of student loan lates??"

I have not been-

But even FHA requires 1 to 3 years of clean payments to qualify-

Tha damage to your score can only really be undone by POSITIVE factors=

Paying on time, never late, no collections, keep revolving UTL low, don't apply for credit you don't need or as a part of your overall plan.