Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Student Loans
Profile Image

Question By
Puddinholmes

1 Contribution
0 People Helped
I have an abundance of student loan debt but it's in deferment will I still be able to. Homea home

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
19 Contributions
46 People Helped

Let's just wait...

Let's just wait until your student loans are wiped out completely. It's already at your disadvantage with the bankruptcy. Although it's coming to an end in 2017, your FICO score will probably be at a low start. That means a low FICO score and remaining student loans would double your disadvantage. Even if you're able to get a loan, what interate rate would you assume the bank might offer? I'm willing to bet it's a very high rate...abnormally high due to your situation.

Just continue paying your student loans and keep payment(s) current without any hiccup. Live wayyyyy under your means to sacrifice paying off your debt completely. In the meantime, your FICO score should improve little by little. Then save up for 20% down payment, at least! Stay away from Veterans Loan program or FHA loans. They aren't that attractive and don't favor you. Traditional loans are preferred with at least 20% down payment.

Student loans are almost impossible to discharge in a bankruptcy. You're stuck with it. It only gets worse if you don't pay it. And the negative results only exacerbate your future financial goals.

Top Contributor

Reply by
faidros

935 Contributions
132 People Helped

The discharge date of 2017 will not remove it from the report until 2024 or 2027 depending on the type of bankruptcy, although, by about 2019 numerous creditors will begin to look at it differently.

1 Contribution
0 People Helped

Home Purchase

Hello all,
I'm not to this community,
And I need advice. I'm looking to purchase a home in a year I have very little debt the only that I have on my credit report is student loan debt which is about 30,000. In addition to a bankruptcy that. Will not be discharged until 2017 will I be able to purchase a home purchase a home.
Advice would be helpful.

Top Contributor
7363 Contributions
3809 People Helped

Helpful to 0 out of 1 people

Once that bankruptcy is gone from your credit report, you might have a chance at eventually getting a home. I haven't bought a home while still carrying student loan debt, but that expense load might negatively impact the chance of getting a mortgage until after they are paid, since student loans absolutely must be repaid, no matter how long it takes to do so.

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.