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Credit Report Question - Factor Impacting My Score...

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    #1

    Credit Report Question - Factor Impacting My Score...

    Hello guys,

    I have a question! My student loans have been in deferment for oh... a long time. ;) Now, the balance is greater than the original amount. So, it looks like I'm over the credit limit of the loan since the interest has been compounding.

    On my trans union report there is a section that is labled "Factors that impact your score" and for this circumstance it says:

    The balances on your installment accounts are too high in comparison to their credit limits. [TransUnion] It is a good idea to use your accounts regularly, but remember to keep your balances low in comparison to your available credit limits. Having a high ratio of balances to credit limits on open accounts may be viewed negatively by lenders.

    So, my question is...can I just dispute this with trans union to have my balance equal to the credit limit on my loans or do I need to send a letter to the lender...well, ok I have 2 questions... and second, is it even worth it? Is this really hurting my score all that much?
    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012
    Tags: interest, student loans
    #2
    Student loans report as installment loans, not revolving loans, so the balance doesn't impact the score the same way a credit card balance would. What would be affecting your score is not that the balance is greater than the original "limit", but that your installment loan balances are going up. Your overall debt goes up and that affects your fico score. It really isn't the debt in relation to the limit.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

    Comment

      #3
      Ok, I see what you're saying... but the warning on my credit report IS talking about installment accounts and it specifically says the accounts are too high compared to their limits... Is the lingo just confusing me here? And I guess you're saying not much I can do about it except start paying for my student loans?
      BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
      Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

      Comment

        #4
        Yes and/or pay down any other high balances you may have.

        Comment

          #5
          Nah, the student loans are the only thorns in my side at the moment. I'm just trying to clean up my report as much as I can within my current abilities... I was hoping to stumble on some nice fixes based on the feedback that I get from these report analysis things...but I guess that will not happen.

          I find it very annoying that there isn't some kind of analyzer that can tell you things you need to do that may not be obvious. We all know things like not carrying balances, paying on time and disputing inaccurate stuff...but there are so many little things that go into credit reports I just wish I had something that could say hey..... if this was reporting slightly differently it would help you out.
          BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
          Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

          Comment

            #6
            My student loans total 100k. (half of that is interest and collection fees from when they were in default). I have become reconciled to the the fact that they will always impact my credit negatively until I pay them off. I look forward to having a credit score in the 800's when I am 95.
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

            Comment

              #7
              Well I got you beat there... I haven't done a total of my student loans in a while but lets see... my undergrad federal loans I think are sitting somewhere around 60k. And my masters loans (mostly private) are probably around 60-70k. Nobody told me George Washington was the most expensive college in the world till after I enrolled. ;)

              Yes, I have come to that conclusion pretty much myself as well... but I follow a slightly different mentality... I was not able to write them off in my bankruptcy (which I am still sore about) but I can defer them till I die. hehehe...
              BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
              Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

              Comment

                #8
                lol -- there's always more than one way to skin a cat, so to speak.

                Comment

                  #9
                  I am going to take basket weaving and yoga classes at the community college until I am 95 so I can defer my loans indefinitely.
                  You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                  Comment

                    #10
                    Hehehe... *High Five*

                    I found a little loop hole in Sallie Mae btw... in case you have any loans with them... if you refinance your loan with sallie mae... the deferment period starts over again. Like when I took my loans out the first time, it had 5 years available for voluntary forebarance... when I refinanced it... the time period reset and gave me another 5 years.
                    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

                    Comment

                      #11
                      Originally posted by backtoschool View Post
                      I am going to take basket weaving and yoga classes at the community college until I am 95 so I can defer my loans indefinitely.
                      leave it to YOU to think of something more BRILLANT!!
                      8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                      Comment

                        #12
                        Originally posted by tobee43 View Post
                        leave it to YOU to think of something more BRILLANT!!
                        Gee thanks Bee, what am I chopped liver?
                        BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                        Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

                        Comment

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