I finally am paid up on a student loan that’s ruined my credit.how long til it gets better?

April 7th, 2010 | by admin |

I have been past due for monnnnthsss and i pay them money every month (it’s 300 month regularly…..and i was about 1,900 past due from when I was down on my luck) and have been doing good and have finally been able to pay it down so I’m not behind but they report it to the credit bureau like every 30 days when it’s past due….. My credit score went from a 703 to 560 in a year because of this!!! I’m finally paid up….who do I write letters to and what do I send to let the credit bureaus know that I’m no longer behind?? I want my credit score to start improving immediately so I can buy a house! How long does it take for a credit score to improve? I have a car loan…student loans….one credit card and steady good job…have been paying allll bills in my name early and on time for the past year and have finally caught up with that one student loan. THANKS!!

  1. 2 Responses to “I finally am paid up on a student loan that’s ruined my credit.how long til it gets better?”

  2. By Dragnet on Apr 10, 2010 | Reply

    You need to start now by writing letters to the loan company for the student loan, explain that looking at your account you are now solvent and they need to mark your account that way. It usually takes 6 months of no issues and the number goes up..
    But on the other side. I have a mid 6 figure income and my FICO is in the 300’s. I don’t care, as credit is not part of my life nor should it be for anyone. Now your case is acceptable, but if you have Credit card debt get out of it, make the cash flow increase and you feel better not owing anyone.

  3. By Net Advisor on Apr 12, 2010 | Reply

    The payments are already reported by the lender as you pay. The CR Bur’s will see a payment history. You don’t have to tell them you situation. They really don’t care anyway. Your score will adjust accordingly with the new payments. This is all automatic.

    Good Job!

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