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StephanieMariee

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Getting my credit score up
My credit score is very poor right now due to my student loans that I've been having trouble paying. I'm putting them on forbearance for now, so my question is how can I get my credit score to come up if i don't have to pay off the loans for now? Do i get a credit card or something and build my credit that way?

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We need to know more about your situation. Are the SL the only credit history you have? How badly delinquent are you?

I don't recommend credit cards for people who already have problems paying their bills. I suggest you upload your bank information into Mint.com and look at where your money is going every month. It should help you figure out where you can cut back. Then divert that $ to the interest you're accruing on the SLs while in forbearance. Do you only hope to put the SL payments on pause while in FB or do you intend to divert that $ to something else? Have you discussed changing the terms of your repayment plan? Are you elegible for the income based repayment plan or the loan forgiveness program?

Otherwise, you might consider getting a job (or second job), selling stuff, trading in your car for something less expensive, or selling it and taking public transportation, etc.

Top Contributor
199 Contributions
216 People Helped

Rebuilding credit takes time. Making on time payments and not having delinquencies is the first place to start.

Not paying your SL is not a good move. The federal government can and will end up taking the $ you owe out of your social security payments when you're older (if SS is even still in existence).

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