My student loan defaulted and they are taking pmts from my wages. 15% per pay period, Which OK its a debt so I will pay it. I know that when it defaulted it killed my credit, so ...Will my credit get better after awhile, since all pmts will be made on time through wage garnishing? Will this problem eventually turn to be something good or will it always darken my credit until its paid off?
2007-02-13 07:45:03 · 2 answers · asked by RR77 2 in Business & Finance ➔ Credit
No this will not help your credit. It will show as charged off, being paid, or something similar, which is still bad. You will need to reestablish your credit some other way. Maybe start with a secured credit card.
2007-02-13 07:53:50 · answer #1 · answered by Joseph's Mama 4 · 0⤊ 0⤋
Eventually, you will get your loan paid off. After that point in time, you will be able to clean up your credit report score. There are some things you can do now that would be helpful, but time is the only cure for your credit woes. Contact a credit counselor with a good reputation about what would be best for your specific situation.
2007-02-13 15:55:07 · answer #2 · answered by Denise T 5 · 0⤊ 0⤋