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Understanding FICO® Scoring >
Re: *new error in Sallie Mae reporting*
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Re: *new error in Sallie Mae reporting*
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marty56
Super Contributor
Posts: 3681
Registered: 10-06-2007
Message 21 of 214
Viewed 6,035 times
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I dont know if this helps or is even relevant but when I had a LOC with MBNA, my statment would say that I could [ay $15 this month because of my good payment history but in the fine print it stated that the $15 must also be enough to pay the monthly interest charge.
10/11/2009: TU: 775 EQ: 746
0% CC util, 1 new CC account reporting
Just say no to credit card reform
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05-11-2008 05:16 AM
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MY SCORE!!!!!!!!!!!!! DROP 51 POINT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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spiritbee76
New Visitor
Posts: 2
Registered: 12-16-2007
Message 22 of 214
Viewed 6,026 times
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OMG!!!!!!!!!!!!!!!!! MY SCORE DROP 51 POINTS OVER NIGHT ......WHAT DO I DO TO FIX IT!!! SALLIE MAE STATING MAKING PAYMENT ARRANGEMENT WITH CREDITOR OR SOMETHING... I'M NEVER LATE ON A BILL!!!!!!!!!!!!!!!!!!!!!!!!!!
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05-11-2008 05:56 AM
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Re: MY SCORE!!!!!!!!!!!!! DROP 51 POINT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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 haulingthescoreup
Moderator
Posts: 22676
Registered: 04-01-2007
Message 23 of 214
Viewed 5,998 times
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spiritbee76 wrote:
OMG!!!!!!!!!!!!!!!!! MY SCORE DROP 51 POINTS OVER NIGHT ......WHAT DO I DO TO FIX IT!!! SALLIE MAE STATING MAKING PAYMENT ARRANGEMENT WITH CREDITOR OR SOMETHING... I'M NEVER LATE ON A BILL!!!!!!!!!!!!!!!!!!!!!!!!!!
Hi, spiritbee, welcome to the forums, although sorry it was in such nerve-wracking circumstances.
As you can see from all the other entries, this is a brand-new problem that has occurred, so the mechanisms for fixing it are not yet in place. Very few people seem to even be aware of it!
Do you have any previous credit reports where your SM is reporting properly? I would print them out and guard them, and print out this new one. If you are in the process of applying for something, be sure to show both your previous reports and this one, so that lenders can see that nothing has materially changed.
Once the news of this hits the lending world, lenders will be familiar with the problem and will have figured out a way to account for it, although I'm sure it will take a while.
I was just thinking last night of the ramifications of this: who are likely to have these loans? College-educated people, the younger ones getting into the mortgage market, the older borrowers getting well into establishing their credit histories, professional people, you name it...
There is going to be such a broad spectrum of people affected that Sallie Mae won't be able to ignore this. I think it's going to wind up being fixed; the only question is how quickly.
Start contacting your people in DC! Check your phone books, or try this:
Contact Your US Representative
Contact Your US Senators
---------------------------
Please be friendly, supportive and respectful --and leave your high horse at the door!
Neither a borrower nor a lender be. --Wm. Shakespeare
Credit is a wonderful servant, but a terrible master. Who's the boss --you or your credit?
9/9/2009: EQ 769 - TU 765 - EX ???
Done credit hunting; having fun with credit gardening.
FICO High Achievers - Credit Scoring 101 - myFICO PDF Booklet - Closing Credit Cards - Frequently Requested Threads - Helpful Threads
FTC website: Knee Deep in Debt - FICO Score Estimator
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05-11-2008 08:03 AM
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Re: *new error in Sallie Mae reporting*
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pil
Contributor
Posts: 25
Registered: 05-09-2008
Message 27 of 214
Viewed 5,866 times
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I have the grad choice 2 plan, though I only have 2 months left of it. I have no doubt that if you WANT TO change to the Level plan, if you call up they will let you do that. But I don't think there's any reason to do this at this point. I'm waiting for a week to see what happens before doing anything drastic. The annoying part here is I was planning to consolidate my private loans to get rid of this outrageous 11% rate I have on one of them. That's the only reason I have the scorewatch trial right now. Oh well, I waited 2 years, what's another couple months?
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05-11-2008 03:45 PM
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