Student Loan question

[Anonymous]

I currently have 109000 in SL debt. I’m on IBR. Never a late , in good standing. But since my payment is so low, interest keeps adding to the loan . Does FICO look at payment history or the amount of loan more. It’s been open for 10 years. My scores are stagnant hovering between 700-720. I’m also using the AZEO on three credit cards. My oldest card is 5 years old and one that’s a year and one that’s 3 months. I have auto loans going back 4 years never late. Is it just the age of my credit? Any suggestions on how to bump it. I would like to purchase a home in a year

[Anonymous]

Payment history makes up appx 35% of your score so that definitely the most important. Congrats on your good standing.

That being said... as the balances go down you should see a boost in score. You mentioned the interest... are you still at 100% of the original loan amount because of it?

[Anonymous]

Yeah I’m still at 100 . I don’t want to mess with the IBR because then it will mess with my DTI with getting a mortgage. Fannie Mae will go by the payment reported on the CR. My wife has score over 800 lol but I make more of the income.

[Shooting-For-800]

Pretty sure student loans are not near as impactful as reg loans or credit cards.

I would not worry about it unless you have no other debt and extra money lying around.

[Anonymous]

Thank you , we don’t have any other debt except my car loan which like I said have never been late on. We are also planning on putting 220000 down on a 55000 home, and we’ll still have over 200000 in savings . Hopefully lenders won’t se us as a risk

[Shooting-For-800]

With todays interest rates I would but down a little as possible to get the best rate.

You can always pay extra each month if you want.

With scores over 700 and 20% down you should have no issues at all. 

[Anonymous]

We make 81000 a year I don’t think we would qualify for a 440000 mortgage. That’s why we need more of a down payment. Homes in Denver are expensive! And I have a family of five and need a larger home.

[Shooting-For-800]

You have $400k+ in cash with a household income of $80k?

That is quite impressive!  Congrats!

[Anonymous]

Half savings, half inheritance. We have worked hard saving while bringing up our scores

[Anonymous]

Isn't there also a bump when your youngest account reaches a certain age? Regardless, you've probably got inquiries from one or two of the cards so you'll see an increase when that falls off.
For comparison, my scores are with a >100% utilization student loan (IDR plan). I also have a major delinquency. There are people here who prove you can have a student loan and still have an 800+ score; maybe it's something else keeping your scores stagnant.
Good luck and congrats with the process you've made towards getting your home. 🙂