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
beaz012001

0 Contributions
0 People Helped
Student Loan Default 4+ years ago.
I defaulted on 3 student loans over four years ago and for almost 3.5 years now I've been able to pay the monthly payment each month quite easily. Some of them i've actually been paying more than the monthly payment requires. I can afford my lifestyle and am doing well finacially, but these defaulted loans from years ago are really hurting my credit score. Is there anything I can do (besides paying them in full cause total = $35k) to make this actually help my credit? If it weren't for these loans i know my credit would be at an excellent standing. Please help!

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7344 Contributions
3805 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

Continual regular payments on these loans will put positive marks on your credit report. It's only been four years, and positives showing over 6-7 years will make the negatives vanish.

The big problem with student loans now is that, unlike other financial transactions, they cannot be discharged in bankruptcy and remain collectable until paid in full. Other potential creditors know this and it makes them jumpy, but showing a long history of regular payments to offset the previous default will ease their minds.

Result 1-1 of 1Results 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.