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First Time - Need a Student Loan w/ Rebuilding Credit

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rspen328
New Member

First Time - Need a Student Loan w/ Rebuilding Credit

Hello,

 

I am working through the forum and I am so confused by the abbreviations and lingo so I figured I would post and hope I can get something I understand (I will keep working on learning the lingo though). 

 

I am a 24 year old young professional and I was just accepted into an MBA program (yay! WOO! Hoorah!).  The program is around $75000 in total cost which I can cover about $50,000 in Federal no credit check loans (accredited program).  Problem is the last $25,000.  My current credit score is about 613. Last year I had multiple 60 day late accounts and now everything is caught up and I have around $3000 left of debt to pay off out of $6000 total credit card debt. I have federal and private student loans that are paid on time and have never been late. I have one "collections account" for now $1100 that I have disputed (unsucessfully) and have no idea what to do next to either get it taken off the report.. etc.  I have some questions I was hoping someone could answer.

 

1) I need to get that collections off of my report. It currently isn't listed as collection in FICO but as a late payment on an account?  The company is Assett Acceptance and I don't know what to do. Any suggestions?

2) I need to apply for the Federal PLUS loan but it says that if I have a collection it will not give me credit.  Will the earlier "collections" affect that?

3) If I cant get the PLUS I need to apply to private loans. Who are the better low score private loan providers? Will they even consider me? How high of credit scpre will a co-signer (my father, maybe) need?

4) Any other options?

 

I really hope someone can help or direct me to an answer elsewhere. I have made mistakes and been SCREWED by banks. I am just trying to move onward and upward and these old credit mistakes are holding me back.

 

Thank you to whoever takes their time to respond.

 

Message 1 of 8
7 REPLIES 7
chevyman
Contributor

Re: First Time - Need a Student Loan w/ Rebuilding Credit

Asset acceptance is a hard one to deal with
Message 2 of 8
rspen328
New Member

Re: First Time - Need a Student Loan w/ Rebuilding Credit

That's what it seems like. I am willing to try and negotiate with them if I have to. They call ALL of the time and its unbearable.

Message 3 of 8
Henchman21
Frequent Contributor

Re: First Time - Need a Student Loan w/ Rebuilding Credit

So the collection is reporting as an account? Maybe you can copy and paste it(removing sensitive info, of course).
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 4 of 8
rspen328
New Member

Re: First Time - Need a Student Loan w/ Rebuilding Credit

Here is the account from FICO:

 

and here is the collections section: AAC Issue 2

 

 

I have no idea how to deal with this.

Message 5 of 8
Henchman21
Frequent Contributor

Re: First Time - Need a Student Loan w/ Rebuilding Credit

Do you know what this debt is for? You don't need to tell us what it is. It is definitely yours?
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 6 of 8
rspen328
New Member

Re: First Time - Need a Student Loan w/ Rebuilding Credit

I can't tell if it is an old bank account or a credit card from 5/3. If it is the credit card, I owed $438 in 2009 when they shut it on me and refused to accept payments.  But it was never that much and 5/3 wouldn't take the money?

Message 7 of 8
Henchman21
Frequent Contributor

Re: First Time - Need a Student Loan w/ Rebuilding Credit

It's not unusual to see a bill double with fees. I would send them a DV letter.
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 8 of 8
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