Can anyone tell me how much emphasis is placed on student loan tradelines when shopping for a mortgage? From what I understand, student loans are not taken that much into consideration when applying for a mortgage. I am trying to clean my credit before I purchase a house in '04. Since I started visiting this site, I have had TU: 5 student loan accts deleted (they have been consolidated) 1 old CC deleted 1 nco/inovision duplicate removed 1 collection acct deleted EQ: 4 student loans changed to refinanced 1 collection acct deleted EX: 1 collection deleted 1 CC 2 30-day deleted, 3 60-days deleted I have other accts: a car loan, a dentist collection, and another student loan that are to drop off next year, so I refuse to touch them. Other than that, my credit is looking better. I have 3 CC to pay off & some collections to pay & have deleted to up my score. So, I thank all the CN'ers!
Student loans are much less important than any RECENT (24 months) lates or ANY mortgage or rent lates. Your credit score will determine if you qualify. Any charge-offs or collections will have to be paid or removed from the reports before you close.
Martig4 Thanks for replying. That is what I thought. I am working on the CC balances and the collections now, after the other accts fall off next year, I think I will be in good standing score wise. I mean, I don't think that I will be in 700's but close by the end of next year. I have no inquiries in the last 12 mos, nor do I expect to. After paying my CC down, I don't expect using them for a year. So, I am assuming that would increase the score also. Thanks for your help.
Martig4 Also, I have no lates in the last 12 mos and will try to continue to have none. So, I am hoping that will increase the score. I just want to go to a lender and they tell me I qualify for x amount w/ a great interest rate.
I know some lenders do not consider school loans in the debt to income ratio if they are in good standing the last 24 months, AND are in deferrment for the next 12 months. You have to show proof though.
