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Timothy wrote:if 90 days late in April 2005, 7 years minus 90 days = Jan 2012That late will hurt alot less when it hits 2 years- and have less and less affect until it drops-
WhirledPeasPlease wrote:Part 1:Background: 13 accounts originated from USA Group (those have dropped off) were sold back in April 2001 to Sallie Mae. I mismanaged them between April 2001 and Dec 2001. In Jan 2002 I started getting my ducks in a row, bringing them current, and then consolidating. So, Sallie Mae reports the orig 13 as "Status: Transferred, closed/current, was past due 180 days" and Creditor's Statement "Account transferred to another lender" with Account History as "180 days late as of July 2001, 90 days late as of Dec 2001". Other info: Date opened 04/2001, Reported since 05/2001, date of Status 05/2002, last reported 05/2002. Experian doesn't list a fall off date on my CR. (On a side note Equifax lists all 13 accts as "too new to rate" and that is definitely my lowest score everywhere I look.)Question: Is this hurting me? 13 strikes with a switch?Part 2:Background: See above. Loan activity from 04/2002 to present. I have one late, 90 days in April 2005. I have paid on time, used a few forbearances when times were tough, but stayed current.Question: My EX CR lists under Status Details "As of Jan 2012, this account is scheduled to go to a positive status." Why so long? I will be paying on this for the next 22 years or so if I stay on their payment plan. All 3 CRA are also reporting that the loan is deferred until May 2009, which it most certainly is NOT. Any ideas why it takes perfect payments from April 2005 to Jan 2012 to go to positive status? That seems a bit harsh.Any and all help is appreciated.
cheddar wrote:
WhirledPeasPlease wrote:
Part 1:Background: 13 accounts originated from USA Group (those have dropped off) were sold back in April 2001 to Sallie Mae. I mismanaged them between April 2001 and Dec 2001. In Jan 2002 I started getting my ducks in a row, bringing them current, and then consolidating. So, Sallie Mae reports the orig 13 as "Status: Transferred, closed/current, was past due 180 days" and Creditor's Statement "Account transferred to another lender" with Account History as "180 days late as of July 2001, 90 days late as of Dec 2001". Other info: Date opened 04/2001, Reported since 05/2001, date of Status 05/2002, last reported 05/2002. Experian doesn't list a fall off date on my CR. (On a side note Equifax lists all 13 accts as "too new to rate" and that is definitely my lowest score everywhere I look.)Question: Is this hurting me? 13 strikes with a switch?Part 2:Background: See above. Loan activity from 04/2002 to present. I have one late, 90 days in April 2005. I have paid on time, used a few forbearances when times were tough, but stayed current.Question: My EX CR lists under Status Details "As of Jan 2012, this account is scheduled to go to a positive status." Why so long? I will be paying on this for the next 22 years or so if I stay on their payment plan. All 3 CRA are also reporting that the loan is deferred until May 2009, which it most certainly is NOT. Any ideas why it takes perfect payments from April 2005 to Jan 2012 to go to positive status? That seems a bit harsh.Any and all help is appreciated.
I'll take a shot at it.Part I:I am convinced, although others may disagree with me, that FICO treats SLs differently than other installment accounts. My evidence for this is purely anecdotal, but IMO it is pretty convincing. I don't think these TLs are hurting you, and here's why:As I mentioned to you in another thread, my soon-to-be DW is a veterinarian. She has several SLs from vet school, and she's also done many consolidations over the years. Her reports show 34 total accounts, and probably 15-18 of those are "transferred" (consolidated and closed) SL accounts. Another 6-8 of them are open SLs, with a total balance around $230K.Her MyFico reports all give her a little flag next to her total number of accounts. She also has 4 new accounts, and a history of only 9 years. In spite of all of this, her TU is now 775.When I play with the FICO simulator and enter her information, it estimates her score to be around 680. BUT...when I re-enter her information and just pretend she doesn't have any SLs at all, it estimates her around 760.So, I am convinced that SLs are treated differently by FICO than other installment accounts, and I really don't think her 18 consolidated SLs are truly being counted against her. I would think the same would apply to yours.Others may disagree.Part II:Baddies stay on your report and count against you for 7 years. So if your 90-day was in 2005, it makes sense that it would drop off in 2012. (Although after 2 years, the negative effects supposedly lessen somewhat.)Hope this helps.
cheddar wrote:
I see Timothy beat me to it on Part II. I started typing my last post, then had to step away for a few minutes before I came back to finish it. Didn't mean to step on you, Timothy.
@positronicshell wrote:
i had success GW 5 transfered baddies USAF Sallie Mae SL accounts + had them all removed a year early.
if i were you i would send a GW letter for the 90 day late since you have had perfect payment history since then.
it took me several letters. don't give up.
xoxox jane