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I have 3 Navient loans in which I co-signed. They were recently 180+ days past due and at the end of Dec. I paid one payment each to keep them from defaulting. A few days later I settled in full for less than owed (50% of balance) which. Comments/Question(s) as follows:
Thank you!
Because it was paid in less than full and the update was recent, FICO dropped the score. Now that it won't change till it drops off, eventually that entry won't make much difference and over time with your other payment history your scores will go back up. It is now just a game of patience, unless you have something else on your report that may affect your score. But if those are the only baddies it won't matter as time goes by.
Darwin: my scores have increased because I made ONE payment on each to bring them current and that is what was reported along with the score increase. After that, about 2 weeks later. I settled in full for less than originally owed and those transactions haven't been reported yet. So, are you saying that since the last update has me current, that coupled with the settlement won't move my scores down but rather stay the same and in time be less impactful (in a derogatory way) so long as I keep everything in tact?
If the loans were already 180 past due, then they were in default.
Your payment may have prevented an imminent charge-off, but the lates would still be reportable.
The current status would update from delinquent to pays as agreed, but that is unrelated to the payment history reporting of delinquencies..
Did they either not report the prior monthly delinquencies, or did they agree to delete them?
Was your settlement for more than $600 under the total amount of the debt?
If so, you should be getting a 1099c, and the cancelled debt may be treated as taxable income........