700 Club with Default Student Loans possibility?

[Jon85]

Hi all,

So, the last 6 months, I've opened 4 new credit credits to create positive lines, since all I had on my credit reports last year were 5 defaulted SLs, and 2 unpaid COs. (I have Cap 1 Platnium, Cap 1 QuickSilver, Sony Visa, and Kohls Card). 

I rehabbed my SLs, but Sallie Mae just changed the default status to "paid/transferred," and my new servicer has their own TLs for the same loans. I also paid for the two COs, they were from 2008 and 2010.

I'm at 10% utilization right now and my Fico scores are sitting at around 620...

My negative TLs from old SLs aren't due to fall off until 2018... do you think I could work toward 700 while those are still in my file? Or is that a dream too far-fetched? 

LOL

[firetech593]

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@Jon85 wrote:

Hi all,

So, the last 6 months, I've opened 4 new credit credits to create positive lines, since all I had on my credit reports last year were 5 defaulted SLs, and 2 unpaid COs. (I have Cap 1 Platnium, Cap 1 QuickSilver, Sony Visa, and Kohls Card). 

I rehabbed my SLs, but Sallie Mae just changed the default status to "paid/transferred," and my new servicer has their own TLs for the same loans. I also paid for the two COs, they were from 2008 and 2010.

I'm at 10% utilization right now and my Fico scores are sitting at around 620...

My negative TLs from old SLs aren't due to fall off until 2018... do you think I could work toward 700 while those are still in my file? Or is that a dream too far-fetched? 

LOL

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Jon, when the new SL tradelines are paid in full, Sallie should delete the old negative tradelines. MY DW had 3 in rehab, but i paid them off early, and they still deleted.

[kjel]

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@Jon85 wrote:

Hi all,

So, the last 6 months, I've opened 4 new credit credits to create positive lines, since all I had on my credit reports last year were 5 defaulted SLs, and 2 unpaid COs. (I have Cap 1 Platnium, Cap 1 QuickSilver, Sony Visa, and Kohls Card). 

I rehabbed my SLs, but Sallie Mae just changed the default status to "paid/transferred," and my new servicer has their own TLs for the same loans. I also paid for the two COs, they were from 2008 and 2010.

I'm at 10% utilization right now and my Fico scores are sitting at around 620...

My negative TLs from old SLs aren't due to fall off until 2018... do you think I could work toward 700 while those are still in my file? Or is that a dream too far-fetched? 

LOL

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Right there with you. I got out of rehab in March 2013 and had the new TLs opened in April 2013. Paid the two collections, have a judment and an unpaid C/O. I am in the 640s for EQ & EX and that's with my credit cards reporting at 62% util. I've paid them down to 1% recently so seeing if I get a little bounce with that. I've also opened one new card in June 2013. I think it's entirely possible as your new TLs season and the baddies age. 

[Jon85]

Oh, wow, that's really encouraging! Thank you for responding! Are you old TLs with the original SLs baddies still reporting?

[kjel]

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@Jon85 wrote:

Oh, wow, that's really encouraging! Thank you for responding! Are you old TLs with the original SLs baddies still reporting?

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Yeah, the old ones with the lates are reporting in all their negative glory but they are all reporting paid/closed/zero balance. As time passes it seems to sting a little less especially now the new TLs have a perfect payment history for 12 months.