Re: student loan as "installment"

Discussion in 'Credit Talk' started by gavenraj, Oct 22, 2002.

  1. gavenraj

    gavenraj Well-Known Member

    My student loan is as an installment with Equifax which is in deferrment but is being reported as active. If I dispute this with Equifax, this will take it off my report (tentatively) till Equifax finishes their investigation that it is deferred. The question is:

    Will my score drop or go up because of the above (student loan will drop till investigation is complete)?

    Thanks,

    Raj
     
  2. Bunter

    Bunter Well-Known Member

    If you take it out of the equation, it will reduce your total amount owed, which would tend to make your scores go up, but it might also reduce the average age of your accounts, which would make your scores go down. So the answer is, it depends. How many other tradelines do you have? How old are they? How much total debt do you have? Ultimately, we don't have the FICO equation, so there is no way to give an exact answer to your question, but those are the things I can think of that would affect your score.
     
  3. gavenraj

    gavenraj Well-Known Member

    This student loan is the oldest record I have on my credit report from 1992, which I would like to dispute because it is now showing as active which should really read "deferred." Look forward to any help that anyone can be provid. I am applying for a home mortgage, so I can't afford for my score to go very far down, if that. Please advise. To give you an idea, I have listed the kinds of accounts, below:


    BANK OF AMERICA
    Date Opened: 08/2002
    Status: Open/Never late.


    BANK OF AMERICA MORTGAGE
    Date Opened: 06/2001
    Status: Open/Never late.


    CAPITAL ONE BANK
    Date Opened: 11/1998
    Status: Paid/Never late.


    CITIBANK MASTERCHARGE
    Date Opened: 12/1998
    Status: Open/Never late.


    CITIBANK MASTERCHARGE
    Date Opened: 10/2001
    Status: Open/Never late.


    CONSECOFIN
    Date Opened: 07/2001
    Status: Closed/Never late.


    GENERAL MOTORS ACCP CORP
    Date Opened: 08/1996
    Status: Open/Never late.


    GLHEC/CITIBANK N A
    Date Opened: 03/1992
    Status: Open/Never late.


    HOUSEHOLD RETAIL SVCS
    Date Opened: 08/2001
    Status: Paid/Never late.


    HHLD BANK
    Date Opened: 05/1999
    Status: Open/Never late.


    HOME AMERICAN MORTGAGE
    Opened: 06/2001
    Status: Transferred/Never late.


    MBGA
    Date Opened: 06/2001
    Status: Paid/Never late.


    KEYBANK USA
    Date Opened: 08/1999
    Status: Paid/Never late.


    MACYS WEST/FDSB
    Date Opened: 08/1996
    Status: Open/Never late.


    MBNA AMERICA BANK NA
    Date Opened: 09/1999
    Status: Open/Never late.


    NELNET LOAN SERVICES
    Date Opened: 01/2000
    Status: Open/Never late. Deferred, payments begin 1-2005.


    NELNET LOAN SERVICES
    Date Opened: 01/2000
    Status: Open/Never late. Deferred, payments begin 1-2005.


    PIER 1 IMPORTS
    Date Opened: 02/2000
    Status: Open/Never late.


    PROVIDIAN FINANCIAL
    Date Opened: 10/1998
    Status: Closed/Never late.


    ROBINSONS
    Date Opened: 02/2000
    Status: Closed/Never late.


    SALLIE MAE 3RD PTY LSCF
    Date Opened: 02/2001
    Status: Paid/Never late.


    SEARS
    Date Opened: 07/1996
    Status: Open/Never late.


    UNION BANK
    Date Opened: 07/2000
    Status: Open/Never late.


    WELLS FARGO EDUCATIONAL
    Date Opened: 11/1998
    Status: Paid.


    WELLS FARGO EDUCATIONAL
    Date Opened: 11/1998
    Status: Open/Never late. Deferred, payment date unknown


    WELLS FARGO EDUCATIONAL
    Date Opened: 11/1998
    Status: Open/Never late. Deferred, payment date unknown


    WELLS FARGO EDUCATIONAL
    Date Opened: 11/1998
    Status: Paid.


    WELLS FARGO HOME MORTGAG
    Date Opened: 05/1999
    Status: Paid/Never late.
     
  4. whyspers

    whyspers Well-Known Member

    My score went up when I got Equifax to delete the deferred status, so be careful!


    L
     
  5. gavenraj

    gavenraj Well-Known Member

    My score didn't change when they deleted the deferred status today.
     

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