I'm 24 and going back to finish my last two semesters as an undergrad. My parents aren't paying this time around, so I applied for---and will receive in the next couple of weeks---Stafford subsidized and unsubsidized loans for summer session in the maximum amounts through Wachovia/Educaid.
My credit is in the toilet thanks to living off credit cards for other expenses the first time around in college---I'm just starting to rebuild and I'm thinking that when these student loans report, my scores should go up. After all, I won't even have to repay them until after I graduate in January.
How soon before Wachovia student loans start reporting to the CRAs? Anyone else with similar experience---how far did your FICO scores go up? I've got several 2-year-old chargeoffs and only two brand new positive accounts, so I have a long way to go. I figure that the student loans can only help. Thanks.
QUOTE(justininva @ Jul 16 2006, 10:17 PM) 
I'm 24 and going back to finish my last two semesters as an undergrad. My parents aren't paying this time around, so I applied for---and will receive in the next couple of weeks---Stafford subsidized and unsubsidized loans for summer session in the maximum amounts through Wachovia/Educaid.
My credit is in the toilet thanks to living off credit cards for other expenses the first time around in college---I'm just starting to rebuild and I'm thinking that when these student loans report, my scores should go up. After all, I won't even have to repay them until after I graduate in January.
How soon before Wachovia student loans start reporting to the CRAs? Anyone else with similar experience---how far did your FICO scores go up? I've got several 2-year-old chargeoffs and only two brand new positive accounts, so I have a long way to go. I figure that the student loans can only help. Thanks.
My credit is in the toilet thanks to living off credit cards for other expenses the first time around in college---I'm just starting to rebuild and I'm thinking that when these student loans report, my scores should go up. After all, I won't even have to repay them until after I graduate in January.
How soon before Wachovia student loans start reporting to the CRAs? Anyone else with similar experience---how far did your FICO scores go up? I've got several 2-year-old chargeoffs and only two brand new positive accounts, so I have a long way to go. I figure that the student loans can only help. Thanks.
As with everything, this is a YMMV situation, but, in general, they have no effect while they're in deferment (before they're in repayment). So, since you'll have until about July of 2007 (assuming you're graduating in January of 2007) until you will need to start paying on your loans, they most likely won't have any effect until at least then. At that point, it pretty much could be anything. Might go down a little at first (lower average age), might stay the same, might go up a little, might go up a lot. Unfortunately, staying the same or going up just a little is the most common. Installment loans (e.g., SLs, car loans, mortgages, etc.) just don't have nearly the effect on your CR as do revolving loans (e.g., CCs).
Just a head's up -- while you're in deferment, some CRAs (I think it's at least TU, but it could be others) mark it as "unrated or bankruptcy." That's normal and nothing to be concerned about. It just means that it's something that's on there that doesn't factor into your score.
Hope this helps! Good luck in your last semester!
DW has this. It reported a month after it was opened and shows deferred and $2989 balance with limit of $3000
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