Financial Aid and Credit Score

[JeffB]

My credit score is in the low 600s.  I have a fairly high ratio of debt too, but I should have most of that taken care of in the next couple of months.  In my whole credit history, I only have one late payment and that was 3 years ago.  Thanks for the advice.

[alkiremays]

My credit score is in the low 600s.  I have a fairly high ratio of debt too, but I should have most of that taken care of in the next couple of months.  In my whole credit history, I only have one late payment and that was 3 years ago.  Thanks for the advice.

If there's any possible way, pay off the bills quick.  Then call the creditors and ask if there's any possible way that they'll report to the bureaus sooner than their normal cycle to indicate the payments.  If they won't, find out when they report - larger companies report monthly, some only do it quarterly.  Your score won't go down until they report.  Another possibility would be to do a dispute on the phone/on-line through equifax immediately after you pay it off.  That might get the payment showing sooner - within 30 days anyway. - and keep all of your payment receipts to prove things are paid off.

Best of luck.  You should be fine.

[---------]

Access Group uses Experian. The 18,500 is a gaurantee - anyone can get this (unless default on student loans). Private loans will take co-signer if you have poor credit. If your credit is absolutely horrible they will even allow for someone else who has good credit to sponsor you.

It's unless you're in default on FEDERAL student loans. Private student loans don't count.

[Boston24]

My credit score is in the low 600s.  I have a fairly high ratio of debt too, but I should have most of that taken care of in the next couple of months.  In my whole credit history, I only have one late payment and that was 3 years ago.  Thanks for the advice.

If there's any possible way, pay off the bills quick.  Then call the creditors and ask if there's any possible way that they'll report to the bureaus sooner than their normal cycle to indicate the payments.  If they won't, find out when they report - larger companies report monthly, some only do it quarterly.  Your score won't go down until they report.  Another possibility would be to do a dispute on the phone/on-line through equifax immediately after you pay it off.  That might get the payment showing sooner - within 30 days anyway. - and keep all of your payment receipts to prove things are paid off.

Best of luck.  You should be fine.

Wait, so if I get everything paid off by the summer, it still won't help because it won't even be reported as lower balances unless I contest it?

[alkiremays]

Last post was correct.  My suggestion was that you contest to get them to report that you paid sooner.  Say you pay off an account on August 15 and the creditor reports to the bureau every 3 months and the next time is end of September.  If you contest on August 16, and the creditor has 30 days to respond, maybe it will be removed sooner.  Its just a suggestion as a way you could move it along quicker so your score will go up quicker.  Even if you pay everything off in July, your credit score might not go up for a couple of months.  It could happen quicker if your creditors report monthly or if you can ask them to report once you pay it off.  Again, just a suggestion.

[maka nani]

length of credit is also a factor...if you've only had one or two credit cards for two years...that doesn't help much.  Unfortunately, the only thing to help that is to get old well, and keep your cards open.

[JeffB]

My problem is that I have lots of credit cards that are about 2 years old and after 3 years those accounts are considered "old" and "stable" and start boosting your score.  I pay them all on time and have never missed a payment.  I just made some mistakes in opening up too many cards a few years ago and my credit score is hurting for that.  And even though I am paying my bills on time, my score is still hurting.  I just wrote Access Group and they said that they couldn't give me thier magic number for minimum credit score needed for approval.

[Shira]

tag

[VivaLaMuerte]

Does anyone know of anyone else that has received a private loan with a cosigner?  If I need anything beyond the guaranteed fedaid, I will need to do this.

[Boston24]

My problem is that I have lots of credit cards that are about 2 years old and after 3 years those accounts are considered "old" and "stable" and start boosting your score.  I pay them all on time and have never missed a payment.  I just made some mistakes in opening up too many cards a few years ago and my credit score is hurting for that.  And even though I am paying my bills on time, my score is still hurting.  I just wrote Access Group and they said that they couldn't give me thier magic number for minimum credit score needed for approval.

They couldn't tell you the number in general, or you personally don't have the "magic score"?