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jamesaKsantiago

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25 and in trouble!!
Im 25 and now in school again for a masters I previously had a few accounts in collections which i have paid off and i saw my score increase a tad. Clearly i haven't had a long credit history but some of the accounts included bills that were put in my name, and a few off my own from phone companies. Paid off and now i believe most of debt is from student loans. Im current in my loans and have a deferment at the moment for some. My question is since i don't have any really outstanding debts what can i do to help my score? i don't want a credit card because i won't get a good limit it will be like having a debt card because ill have to make a deposit on it. Not making payments on my loans really put my credit in a bad place and I'm not joining the military to help them get paid. should i consider bankruptcy? to clear everything besides my student loans?

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Bankruptcy will murder your score, and it will remain as a very bad mark on your credit report for 10 years. Avoid it if you're not drowning in debt with no other way out. You cannot discharge student loans in bankruptcy.

Make small payments on your student loans if you can - that will improve your score.

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If your loans are Federal Student Loans then consolidate them before your deferment expires.  Contact your servicer(s) or use their online systems.  There are different repayment plans you can explore to see which works best for you, Income Based, Income Contingent, Standard or Graduated.  Best of luck!

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