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Is paying off defaulted loans that aren’t on my credit report going to help my credit score?
I owe $9,000 in student loans. They just started garnishing my wages for $500/month. The loans were from 1998 and do not appear on my credit report. The collection company told me that once they’re paid off that they will appear as not in default on my credit.
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This entry was posted on December 15, 2009, 3:53 pm and is filed under Student Loans. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.
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Where is the best place to get a car loan?
January 21, 2010 - 7:46 am
Posted in Car Loans | 3 Comments
This will be my first car loan. My credit score is 678 and it will be for a used car.
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How will paying for a car loan on a repo car affect my credit score?
December 31, 2009 - 9:10 am
Posted in Student Loans | 4 Comments
My husband and I signed a $20,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe $8000. The loan company offered a settlement of $2800 if we pay by the end of the month. Does this sound [...]
What credit bureau do loan officers or underwriters look at to calculate a 620 credit score for a FHA loan?
December 23, 2009 - 11:13 pm
Posted in Student Loans | No Comments
There is Experian, Equifax and Transunion I have different scores for each, but which one do loan officers and underwriters look at to approve you for an FHA insured loan? Do they look at the highest, lowest or average?
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How many points do you lose on you credit score after getting a mortgage loan?
October 28, 2009 - 2:42 pm
Posted in Home Loans | 2 Comments
I want to forecast what will happen to my credit score after I commit to a mortgage loan. Any input will help, thank you very much.
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How does applying for a Home Loan Affect your credit score?
October 4, 2009 - 5:49 pm
Posted in Home Loans | 6 Comments
I want to apply for Home Loan and see how much we qualify for. My question is that if we do not like the number and want to wait how will it affect our credit score if we decide to wait and save for a bigger down payment. I want to avail the [...]
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September 29, 2009 - 10:33 am
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I just recently got engaged and I am looking into trying to get a personal loan to help pay for the wedding costs. The only problem is that I have a credit score of 566. Is there anywhere that will provide me with that type of loan with the credit that I currently [...]
Where can I get a loan for a home when I have filed bankruptsy?
September 22, 2009 - 9:16 am
Posted in Home Loans | 4 Comments
I need to get a home loan but I went through a divorce and filed bankruptsy. I make good money so I can pay a mortgage. Im in an apartment now and pay my bills fine. and my credit has been good before and after bankruptsy. Except for about 6 months before I filed. Ive [...]
Will paying off my car loan all at once improve my credit score?
September 13, 2009 - 3:44 pm
Posted in Car Loans | 3 Comments
My house was foreclosed on a year ago. I can get approved for a car loan but will it be better for my credit to pay the car off all at once the next month after getting the car. Or to pay it off in 4 increments?
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Where can I get approved for a car loan?
July 24, 2009 - 1:45 pm
Posted in Car Loans | 7 Comments
I DO NOT have really bad credit. My credit score is 680. I have a monthly income of $2700. I applied for a car loan today and got denied because of something that is on there from five years ago. Where can I get a car loan that I can get [...]
Will I get approved for a home loan with a 607 credit score?
July 15, 2009 - 8:49 pm
Posted in Home Loans | 5 Comments
I would like to purchase a fairly cheap townhome (only 115k). Would it be possible to get approved for a home loan (100% financing). If it is any help, even though my score is low, it’s actually on a steady climb upward -from a 540 a year ago.
I’ve been employed at the same business for [...]
December 18, 2009 - 2:04 pm
I’m sure it won’t. The credit bureaus are also people. They will probably ask you for the full story why you defaulted on it, if you have a very logical alibi (written proof) that you will give them when the time comes that you will apply for a loan, with your stable job and the rest of your bills, are paid on time this will pull themselves up together.
Don’t be afraid or worry on this too much – Just keep an open account that you could purposely maintain for a while – this will show the lender or bank that you are a very good creditor.
Life is full of unexpected difficult situation sometimes we have to face and they understand that. You just have to prove them. OK?
December 20, 2009 - 12:44 am
If you have pulled all three of your credit reports and it’s not on there then they are BSing you. If it’s not on there it can’t help you or hurt you. They just want their money.
December 21, 2009 - 6:07 am
Yes, it will help, if not now, later. Eventually, they will be reported to the credit bureaus and believe me when I say they will. By paying them off now, you will eliminate any future negativism’s from being reported. Be sure to get a satisfied in full receipt and a letter stating that the loans were paid in a satisfactory manner. They want the money they will give you this type of letter. If they won’t then you may have some problems down the road, but with this letter, you can always override their negative reporting, if it were to happen in the future.
December 24, 2009 - 1:21 pm
If they are garnishing your wages, that means they have gone to court and received a judgment. Those are public records and will eventually get placed on your credit report.
Paying the debt off will not get a judgment removed form your reports, but it will show it was paid off. The effect to your score will be minor…..judgments hurt your score badly for a few years, whether paid off or not.