i have a question regarding my substantial student loan debt (~$40,000) and the credit reporting agencies. my student loan account is in good standing with no negative marks (unlike my CC accounts... =/) but the amount of the debt coupled with the few other negative marks on my report is disasterous to my credit score. so my question basically comes down to this: can i and should i try to dispute the debt as if it does not belong to me? basically if i follow the procedures used to remove negative CC lines is there a possibility that I could get a loan of this amount removed as well? my score is around 600 on experian, with 3 CC lines, 2 of which have several 30 and 60 day lates. i'm planning on taking the goodwill removal angle to try to get those removed. thanks for your help
I would think that it will keep updating every month when you make a payment and they update new balances.
The amount of loans you have really has little affect on FICO scores. Only revolving credit utilization is a big factor. Though recently I *have* had utilization of installment loans listed once -- but it's only because I paid off my car loan and now have my (maxed) student loans as open loans.
My student loans typically don't report monthly -- every 2-3 months, they catch up. But yeah, $400/month doesn't pay down $40,000 very quickly, even at the kinds of rates people see with SLs.
