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Credit score dropped by 70 points due to late student loan

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Anonymous
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Credit score dropped by 70 points due to late student loan

recently i pulled my cr and discovered that my score dropped dramatically due to student loans being 90 days late. I though that i had deferred the payments for a while and lost track of the mail/ flyers that Sallie Mae sent out. Also, i have moved a couple of times in the last year and just did not think about getting in touch with SM. I was in the high 600's four months ago and just recently noticed that my middle score was around 590 and high was 611. As soon as i noticed this i called SM and made a quick payment.(they were due to report the following day ;-) ) My question is, does anyone know the best way to handle student loan situations? i just came to this site and noticed that some people recomend sending letters to the company to remove the lates. I really want to increase my score ASAP but also know that it takes time. Thanks
 
Also, i have a 60 day from BOA that is from 2004. How long will it take for the late to drop off?
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Anonymous
Not applicable

Re: Credit score dropped by 70 points due to late student loan

BOA  =  can remain 7 - 7.5 years from DOFD   try sending a GW letter to them.
 
I have seen where people here have gotten late payments removed from SM
 
You have a phone #    call and see if someone that deals with reporting (maybe a superviser) tell her what happened & maybe she will remove it.
 
If a phone call doesn't work  send a GW to them.
 
Someone that knows more will answer you.
 
link to all kinds of qhat to do.     look for GW


Message Edited by HappyDays on 08-04-2007 06:26 PM
Message 2 of 4
laryn41
Frequent Contributor

Re: Credit score dropped by 70 points due to late student loan

is it possible to do that with lates that are like yrs old?
Message 3 of 4
fused
Moderator Emeritus

Re: Credit score dropped by 70 points due to late student loan



madman wrote:
recently i pulled my cr and discovered that my score dropped dramatically due to student loans being 90 days late. I though that i had deferred the payments for a while and lost track of the mail/ flyers that Sallie Mae sent out. Also, i have moved a couple of times in the last year and just did not think about getting in touch with SM. I was in the high 600's four months ago and just recently noticed that my middle score was around 590 and high was 611. As soon as i noticed this i called SM and made a quick payment.(they were due to report the following day ;-) ) My question is, does anyone know the best way to handle student loan situations? i just came to this site and noticed that some people recomend sending letters to the company to remove the lates. I really want to increase my score ASAP but also know that it takes time. Thanks
 
Also, i have a 60 day from BOA that is from 2004. How long will it take for the late to drop off?


Hi Madman! Both of your late payments will report up to 7 years. Try writing a GW (goodwill letter) to both Sallie Mae and BoA. Keep in mind it's very difficult to get a late payment on a student loan deleted from your credit reports. Just try anyway, you have nothing to lose. Read the credit scoring 101 thread that includes sample GW letters. GL.
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