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Question By
Varshay

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Deferment and forbearance
For the last 4 months I had problems keeping up with my student loan so I decided to apply for forbearance. Now my score has gone down 64 points. How do I get my score back up? Does my score go back up when the forbearance ends in august? If I am making payments while in forbearance will my score go up? Also I have 2 closed credit card accounts that I am paying off. I am almost done paying them off but I haven't seen my credit score increase at all from it. Does my payments not affect my score if the account is closed? Does making more than your minimum required pay help increase your credit score? Help please

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Top Contributor
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the overriding factor

is that the payments are not "on time" payments (the account would not be closed if they had been) and The fact that there are accounts that you asked for Forbearance on are a big red flags. (says I can't afford my debt) 

At this point, don't worry about your scores. No one will give you credit anyway with those factors on your report. Worry about getting that debt paid off and your scores will rectify themselves once the work of paying off these debts is done. Once everything is paid off then you'll need to start rebuilding your credit with more positive behaviors.  

Good luck 

Top Contributor
10338 Contributions
4305 People Helped

And how to rebuild is covered in the articles here.  You need to understand how credit works, which is not covered in even college education, so take advantage of the education offered on this site and use the financial ktools, too.  It will help for  the rest of your life.

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