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Too Many Student Loan Tradelines!

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Hi, everyone!

I haven't posted here in a long time, but I've been a member since 2004. Back then, I utilized every relevant forum post to scrub my personal credit and then build business credit. Since that time, I've referred a lot of people here in an effort to share the knowledge.


Today, I have a new problem. I went back to school 3 years ago to work on a new Bachelors and Masters degree. My class terms are in 8-week increments and the student loans that I have used to fund my education appear on my credit report. The problem is that those loans are depressing my credit score. My current scores reside in the low to middle 600's. I have a 30-day late payment that is pretty old and 3 inquiries. My oldest account is 15 years old. I do have 72% utilization across my revolving accounts. Over the past year, I have attempted to do the usual things to improve my score. At one point, I paid most of my cards down to 40% without seeing much movement in my score. Don't get me wrong...the score did go up by about 20 points, but I expected more. I believe that the issue is that 8 new student loans have appeared on my report in the past 2 years. Another will be appearing in a few days and I am dreading it already. None of my loans require payment at this time and I'm not too worried about repayment because I will be able to make decent money when I finish school.


I'm planning to see if I can dispute the 30-day late in the hopes that it will help. Does bumpage still exist? I think I recall reading that it was in the process of going away a long time ago. 

Does anyone have any other ideas?


Thanks in advance!




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If you can get the 30 day late removed, that will help. However, it's not the student loan that are hurting your scores the most. Its your utilization. Getting them down to 40% was good, as you saw a bump in scores. You need to get them down bellow 30% to see a significant bump. Best results are between 1-10%. If you can do that, the new student loans won't have much of an impact, and could possibly increase your score in the long run, as long as you don't get anymore late payments.

Sent from my LG-M150 using Tapatalk

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As the other posters have said the utilization is hurting. Great thing once you knock it down (as you've seen) the scores should bump up the following month. 


How long ago was the late payment? Fortunately it was only a 30 day as that's a lot less punitive than a 120 day late. 

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