120 Day Lates making good credit impossible?

Anonymous · ‎08-24-2014

The more I read, the more afraid I get. I have 16 Nel Net accounts that are 120 day lates but the accounts have been paid via refinance. I recently wrote them a letter and they replied finally saying that they weren't obligated to research letters written by someone else which was odd since I wrote the darn thing myself. lol Anyhow, I have been reading on this site that if you have 120 day lates they hurt for the full seven years versus the two year hurt a thirty day late may incur. So, my question is... if these stay on for seven years and I can't get into the 700 scores because of it... does it really do me any good to stress of credit utilization ratios etc? I find it odd that I can get speeding tickets off by attending a class or wait three years, but have a legit reason for missing a payment and it's with you for ten years. seems a bit harsh. Anyhow, I think I am getting frustrated... has anyone here been stuck with crap scores for seven years waiting for more severe lates to fall off?

kjel · ‎08-24-2014

I'm in the same boat with 5 student loans with two lenders. I've paid off 3 of them and they won't budge on a GW. The other two I still owe on but have made two years of on time payments since the lates. I rehabbed my big loans and DoE deleted the derogatory TLs once my loans were picked up by Nelnet.

eric19k · ‎08-24-2014

Hello. To all you who are getting frustrated over not getting results I can say only you need to be patient.
It takes one YES out of hundred NO. Keep sending GW requests. Research more about your lenders. Keep trying aome other ways.
Even you won't get it deleted your score will be improving because older negative entry gets less impact on the scores. Remeber that after it gets deleted after 7 years you will get a perfect credit if you do the right things.
Don't just give up.
We all have success stories to share as well dozens of bad ones. Who said that it is easy?

TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014

Anonymous · ‎08-24-2014

What's a loan rehab and can you do it if you've refinanced to a different lender? Nel net is what reported late but Fedloan is who I'm with now. Nel Net is evil. Lol

Anonymous · ‎08-24-2014

Hi Erik... I guess this is what Iam gettin at though... Are we stuck with crap scores for the full seven years? I've had more letters and calls into nel net than I know what to do with. I'm not sure what else to do with them.

eric19k · ‎08-24-2014

I have some collections that is very hard to deal with. Anyway I'm getting my scores improved. I had 0 credit cards in May and my score was 466. Today my scores in the low 600 and I have 6 accounts. By september I should be getting in the high 600s.
Just keep sending GW once or twice a month. Change it a little. Try to locate CEO or EO emails.
Maybe dispute after a month or two. Just try different things.

TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014

eric19k · ‎08-24-2014

Check your pm. I sent you some info that might help.
Feel free to pm me anytime.

TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014

kjel · ‎08-25-2014

Loan rehab is for defaulted student loans. If you have a new lender and have been making payment or are in deferral you likely aren't in default. My Sallie Mae loans did not default so no loan rehab on those. The federal direct loans were in default and I rehabbed those. As a positive side effect for rehabbing the old defaulted and much delinquent TLs were deleted after the loans were picked up by Nelnet. Fortunately I've not had any issues with them.