@Anonymous wrote:
...My credit score is 636. Will it go up next month when my delinquent credit accounts are removed off of my credit history or at least marked settled. And where should I apply for an independent student loan. I already have a Master's degree but I am returning to school to complete my pre-medical course work. I will be back in undergraduate studies. I no longer qualify for federal student loans because I am at my maximum loan amount of 50,000.00 for undergraduate studies and I no longer qualify for the Pell grant either because I already have a bachelor's degree. I am relying on private student to fund my premedical studies, so I need to figure out what to do in order to increase my credit score and improve my eligibility for private student loans. Thank you for your assistance regarding the question posted above.
Hi, and welcome to the forums!
If any negatives are removed from your reports, your scores will probably go up.
If they are simply paid, your scores will NOT got up.
This is because your FICO scores are what are called "risk scores", meaning that they attempt to predict the risk that you will default or be late on your credit accounts in the future. The fact that you had problems in the past is the predictor for future problems. While paying them off (late) is good in the greater scheme of things, it doesn't affect the prediction as to whether you might have problems again in the future.
So again, the name of the game is to get any negative notations off your reports. If you haven't done so already, try to do a PFD (pay for delete), in which you agree to pay off the debt in exchange for them removing the derogatories from your reports.
Check over on the Rebuilding Your Credit forum for info on how to do this.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
