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How Do or Will These Things Affect A Credit score?

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DebtFreeInFl



Joined: 04 May 2008
DebtFreeInFl's page
Posts: 9



493 Magic Points
Subject: How Do or Will These Things Affect A Credit score?
 
 Posted on Mon May 05, 2008 8:06 pm  
1 Confused . If the school loans are assumed as gone by the government due to my disability will these still show up on my credit reports? If they do, will the remark be positive (paying etc) or negative (unpaid, deliquent etc.)?

2. My secured credit card, when is a good time to ask for an increased line of credit? one year relationship with bank and 3 months with card.?

3. If I sue Midland Credit Management will this account still be listed on my credit reports? (I have had all 3 credit agencies investigate this company and 2 have wiped it off except for Trans whom I am still waiting on)

4. Is there anything else I can do to raise my score? Besides paying down the debt which I am doing?

5. Are debt collectors required to update my payments each month on the 3 credit reports? If so, how do I go about doing this?

Thank you all
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 642



3017 Magic Points
 
 Posted on Mon May 05, 2008 10:36 pm  
1. I have no clue as to this but I am sure someone will.
2. I would think it would be too early since the card is just three months old. Usually most give their accoiunts 6-12 months reviews and base an increase on that.
3.Not if they all wipe it off your record..thats what I would think.
4.I imagine what you are doing now is the best way but I am sure there are probaly others too. If you have accounts in goodstanding (especially credit card one) be sure the balance stays below 30% of the card lim it. 5.Not sure..would like that answer myself.
 
george

george

Joined: 06 Jul 2006
george's page
Posts: 75



2859 Magic Points
 
 Posted on Tue May 06, 2008 10:57 am  
In some cases the Federal Government waives out full or part of the educational loan. The loan amount will show up in your credit report. However, the forgiven part of the loan will be a part of your taxable income.
_________________
George Miranda

Money does not buy happiness. Happiness is found in being content with who you are and what you have.
 
scott

scott

Joined: 28 Jun 2006
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Posts: 163



4471 Magic Points
 
 Posted on Tue May 06, 2008 11:09 am  
If your student loan is waived by the Government, then you may ask the CA to mention the loan as waived off on your credit report. I am at one with fireyone on the point that 3 months is too early for asking for an increased line of credit.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 661



755 Magic Points
Subject: credit
 
 Posted on Tue May 06, 2008 11:28 am  
Reguarding the school loan........are you saying the Government paid off your loan? If so, great!! It will show up, on your Credit Report as 'PIF..'positive status' ( of course. However....if only PART of it is paid, the REMAINING balance, left on your loan, will show up on your CR. have you been making payments on the REMAINING balance? If not, the loan can appear 'negative' because of missed payments. I hope this ( alittle bit, anyway) clarifies a few things.
 
DebtFreeInFl



Joined: 04 May 2008
DebtFreeInFl's page
Posts: 9



493 Magic Points
 
 Posted on Tue May 06, 2008 2:13 pm  
Here is the situation with the school loan. i racked up about 17,000 in loans. 3 years later I became disabled and now rely on disability through Social Security, I was told by the government to file a form called "waiver of loan due to total and permanant disablity", I did so and so did my doctors and it is preapproved, in the next 2 weeks i will know for sure. Right now my school loans are showing 1 month in default on my credit report. Thats why I am wondering if the government waives these loans due to my inability to work due to permanant injury will they still show on my report? And if so will it be bad or good? im not sure... I have paid off everyone else i owe but on my budget I cannot pay the interest on 17,000. So the loan advisor told me to fill out the form.
 
george

george

Joined: 06 Jul 2006
george's page
Posts: 75



2859 Magic Points
 
 Posted on Wed May 07, 2008 5:00 am  
Hi DebtFreeInFl
If you loan is waved off due to disability, then ask your CA to mention that the loan has been waved off in your credit report. I dont think it will cost you much in future.
_________________
George Miranda

Money does not buy happiness. Happiness is found in being content with who you are and what you have.
 
Guest







 
 Posted on Wed May 07, 2008 1:11 pm  
Thank you Geaorge. This is weird. FMS is the debt collector but they are also the ones hadling the waiver of repayment due to t and p disability. I spoke to them 2 days ago and they told me it will be as if i never received school loans. Hmmm still worried but we will watch it play out. i told them if i ever hit the lottery Id like to pay off the debt and I mean that sincerely, but they told me the debt wont even exist if accepted for final approval of waivement. I'd like to pay but cannot, the lady told me 50 dollars amonth wouldn't cover the interest on the loans, then told me in 2 weeks it will be waived as if it never existed. i dont like walking away from my obligations so this is a tough one for me. I have never defaulted once in 8 years until now.
 
Guest







 
 Posted on Wed May 07, 2008 1:16 pm  
boy my spelling is horrible. sorry George:(
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 661



755 Magic Points
Subject: credit
 
 Posted on Wed May 07, 2008 8:30 pm  
Yea..that makes sense. If everything is approved, the loan WON'T be on your CR...even in a 'positve' status. It would be as if you never had one ( i think someone, from 'above' said this, too).
 
george

george

Joined: 06 Jul 2006
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Posts: 75



2859 Magic Points
 
 Posted on Thu May 08, 2008 12:17 pm  
Yes, I agree with sdchargers_63 on this point.
_________________
George Miranda

Money does not buy happiness. Happiness is found in being content with who you are and what you have.
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 661



755 Magic Points
Subject: loan
 
 Posted on Thu May 08, 2008 1:31 pm  
.......or, it WILL be on your credit, in a 'positive' status, as being PIF. You may want to look at your CR, when all of this is 'done and over with', just to see what it says.
 
Ballimmok
Guest
Subject: Hello DrJohn Hello
 
 Posted on Tue May 13, 2008 10:23 pm  
Hello my friends Smile
Wink
 
carol

carol

Joined: 27 Jun 2006
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Posts: 252



7421 Magic Points
 
 Posted on Wed May 14, 2008 9:26 am  
Hi sdchargers_63

Can you explain me what do you mean by PIF
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Keep in touch
Carol
 
goodnatured



Joined: 03 Nov 2007
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Posts: 1744



5498 Magic Points
 
 Posted on Thu May 15, 2008 2:00 am  
Paid in Full
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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