Do student loans effect your credit rating?

Discussion in 'Credit Talk' started by searcher, Jun 27, 2015.

  1. searcher

    searcher New Member

    I have several coming due on august 15. I have applied for a "consoidation loan" for all of them. is there any reason NOT to do that? Do the student loans (in deferrment cause I'm in college) effect my getting a private student loan? how and why, please? thanks. Wells fargo just turned me down for such a private loan, and I have just a couple of small collections, total of $1000. Are they the reason, and should I pay them off? I need the 7k from Wells fargo to pay a 7k problem at college. THEN the college will give me the 7k loan for August classes. They are charging me 18% on 6.5k, so I need to get them paid off!. thanks.
     
  2. jam237

    jam237 Well-Known Member

    Ok, first. Yes, student loans effect your credit rating.

    1) Consolidation. - Consolidation makes sense if the terms of any of the loans are higher than the current terms that you could get on the consolidation loan, *AND* none of the forbearance or deferment reasons would apply. (IF a forbearance or deferment reason applies, that would be my first approach.)

    2) Deferred or forebeared student loans would equate a "PAID AS AGREED" account, because they aren't currently in repayment.

    3) When you are denied, they are required under the FCRA to provide that reason; they'll let you know the specific reason you were denied, and the report(s) that they used to make that decision.
     
  3. Bbiendayer

    Bbiendayer Member

    No they don't if paid well on time.
     
  4. searcher

    searcher New Member

    I should have provided more info, sorry. One loan, $1100 total from the 70s, is in default. I was paying on it, went overseas for 3 months could not make the card work from there, and they put it into default. the others, about 20k total, are in the grace period or deferred, for now, but that ends on Aug 15.

    I'm 62, on SS retirement. i get $130 from VA for tinnitus which they are seizing, same overseas screw up. Still owe $600 on that one. I have no credit cards. The ex wife put a couple of mortgages in my name 10 years ago, charged off 5 years ago or more. She also bought a car in my name, ( I was in prison). 28k, charged off 2 years ago. Should I bother to dispute any of that. ?

    I have no credit cards or anything else, except an outfit trying to collect $600 on a $200 cell phone, from 2011. Does it benefit me to do anything about that, if the other stuff is messing me up? I can get rid of my wife's stuff with a dispute, i think, and the big school loans are going to be either consolidated or deferred. I dont think that i can do anything vs the VA collection. Would it benefit me to pay that one off sooner? What about the cell phone deal? thanks.

    I owe the college 6k over a timing screwup. I'm trying to get a sallie-mae "private" school loan, to pay off the 6k at the college, so that I can continue with my schooling. I'm a junior, if that matters.
     
  5. Bbiendayer

    Bbiendayer Member

    Ohh Man Now you've changed the whole scenario, I am not too pro with this and don't want to give you any bad idea but i'll get back to you on this with some useful information.
     
  6. jam237

    jam237 Well-Known Member

    Is there account from the 70s showing on your reports?

    If so, check to see whether it is reporting correctly.

    One thing to check, if it is reporting x payments of full balance; it's wrong. :)
     
  7. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Searcher- I'm curious if you ever made any progress with your credit situation. Would you be willing to come back and give us an update? And then I'd love to try and help from this point on.
     
  8. jam237

    jam237 Well-Known Member

    I am especially interested in knowing if when you looked (if the 70s account is showing) at that tradeline, if there were any ooooopsies... :)

    If there are, you'll want to look at my thread, So you want to sue the US Government. :) Not providing any legal advice there, just reposting some of the wisdom that I got from the States Attorney when I was going through my 14 month lawsuit on a similar situation. :)
     

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