Student Loan Info

Student Loan Info

How high will my credit score increase if I get out of default student loan?

I made payment arrangements with Department of Education to pay on a default student loan. She told me if I make 6 timely payments on my default loan, the info will drop off my credit report. How much of a score increase will I get once they remove it from the credit bureau? I'm trying to buy a house.

Difficult to say without looking at the rest of your report. Also, how long has this student loan been on your report?

When a negative item first appears, it has a very large effect. After 4 years the impact is not as bad, and your credit begins to improve. After 6 years it only has a small impact....but again depending on the rest of your credit history.

If this is a recent negative on your report, it should have a fairly large impact. Just make sure that they actually take it off your credit report.....NOT show it as paid. That does nothing to help your report because the fact it was in collections will still show up.

 

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Student Loan Info

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