Monday, April 18, 2016

Can anyone tell me how much I can expect my credit score to drop by paying off an old student loan in default?


About 5 years ago I paid off some old negative items on reports. I was shocked to find that paying off these 5 items lowered my score greatly. I m sure the fact I paid off 5 increased the reduction in score. I have one student loan I need to pay off in order to get an fha. I just learned it was there. You can t have a defaulted gov loan and quality for fha. If I pay it in full can anyone tell me how much I should expect it to lower my score? I am of course trying to request dept of ed give me a letter requesting the item be deleted once paid in full. But so far I can t get anyone on the line who understands. So it would be helpful to know how low my score may drop. Thank you

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