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Posted in Student Loans
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LauRock80

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Paying off a defaulted student loan and credit score?
I have 2 loans that are over 7 years old. I paid off a 3rd one and it was deleted from my credit report, but my score did not increase at all. It stayed the same. If I pay off all my negative defaulted loans, how much will my credit score go up? One is a charge-off, which may require a pay for deletion, but will my score go up if i remove the other one? by how much? I have only these 2 negatives on my account with 52 months of on-time payments out of 58 months (still an F according to credit karma at 89%). I am hoping killing this latest default will also increase my months of on-time payments too when it is deleted, which since it is over 7 years old, it should get deleted like the last one I paid off.

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The debts are already 12 years old

They come off when I pay in full, already had this happen to 5 of them.  But when they are all gone (paid and deleted), how much will my score go up?

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Unknown

None of us here has access to your credit score information, which is good because of privacy issues.  There is no way of knowing exactly what the positive impact will be on your credit score but it will improve significantly.

One thing you would be wise to do is to keep track of your credit reports to make sure only the correct information is reported on them.  Go to annualcreditreport.com once a year and get copies of all 3 credit reports.  Look them over very carefully and file disputes on all WRONG information with the credit bureau reporting same.  They have to investigate and either verify or delete the disputed items. Make this check annually so your credit scores will be at their highest.

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Private Student Loan in default

Could anyone tell me the best way to handle this. I have paid off some debt and I can make payment but they want 12000 in full and I don't have it. What else can I do.

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Student loans do not go away. They remain collectable until they are paid off, even if it means garnishing part of your Social Security Benefits after you retire. 

Just work on getting them paid off.  Your credit score will go up afterwards, though you may have to wait 7 years before the negative remarks drop off.  

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