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Frequent Contributor
Posts: 331
Registered: ‎07-08-2013
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It's OFFICIAL Sallie Mae Late Payments are being Removed...

I was in school at the time they reported me late July 2012 90 days,  August 2012 120 Days, and Sept. 120 days late on 9 different student loan accounts.   I should have been in school deferement status, so they will remove the late payments and they said it takes anywhere from 30-45 days to update. 

 

I still have two 120 day late payments on the 9 accounts, but they were in 2011 due to me being back in forth in the hospital with high risk pregnancy issues.  I already spoke with an Advocate about it, and all she would say is I'M SORRY...and that the older the late payments are the less of the impact it will be.

 

I'm currently in the process of having all of the loans consolidation with direct loans, and current on all of them.

 

I know that I have probably asked this question before...but I'm just curious as to (approx.) how many points my score will increase since the most recent lates in 2012 will be removed...and will the lates in 2011 still have a huge impact on my score?

 

I'm BEYOND Grateful Right now....A Few steps closer to becoming a HOMEOWNER

 

Current FICO Scores

TU 581

EQ 504

EX 579

 

Contributor
Posts: 77
Registered: ‎04-15-2013
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

[ Edited ]

I believe the 120s will still have an impact your score.  However, I think the brunt of the damage is reduced after 24 months.  


10/01/2012 STARTING FICO SCORES: EQ 585 TU 598 EX 539
09/12/2013 CURRENT FICO SCORES w/ 9 REVOLVING TLs = $4,550 + INSTALLMENT TL: $23,300
EQ 598= AAoA=10m, UTIL=43%, 12m INQ=22, COLL=0, PUB REC=0, MISS PAY=0
TU 644 =
AAoA=1yr 8m, UTIL=46%, 12m INQ=19, COLL=0, PUB REC=0, MISS PAY=0
EX 614 = AAoA=3 yrs 11m, UTIL=63%, 12m INQ=17, COLL=0, PUB REC=0, MISS PAY=0
04/01/2014 GOAL FICO SCORES: 720s = AAoA=+7m, UTIL ≤ 9%, 12m INQ ≤ 6, COLL=0, PUB REC=0, MISS PAY=0
Epic Contributor
Posts: 20,556
Registered: ‎03-19-2007
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

A 120-late is considered a major delinquency, and aside from its individual scoring impact, which will lessen, will keep you in a "dirty" payment history category, or "bucket," until all major derogs are gone.  That will affect the overall weighting of payment history in your scoring, making improvement more difficult.

 

I would recommend focuing on getting all delinquencies above 60-late deleted.

 

As an aside, is this based on a government-insured or guaranteed student loan?  If so, addressing delinquencies becomes more important, as they can remain beyond the normal 7 year exclusion period of normal credtior delinquencies.

 

 

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...


rebuildingmission2013 wrote:

I believe the 120s will still have an impact your score.  However, I think the brunt of the damage is reduced after 24 months.  


Not on 120 day lates.  Those will continue to severely impact your score for 7 years.

Contributor
Posts: 77
Registered: ‎04-15-2013
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

Duly noted fearless credit sensei :smileytongue:


10/01/2012 STARTING FICO SCORES: EQ 585 TU 598 EX 539
09/12/2013 CURRENT FICO SCORES w/ 9 REVOLVING TLs = $4,550 + INSTALLMENT TL: $23,300
EQ 598= AAoA=10m, UTIL=43%, 12m INQ=22, COLL=0, PUB REC=0, MISS PAY=0
TU 644 =
AAoA=1yr 8m, UTIL=46%, 12m INQ=19, COLL=0, PUB REC=0, MISS PAY=0
EX 614 = AAoA=3 yrs 11m, UTIL=63%, 12m INQ=17, COLL=0, PUB REC=0, MISS PAY=0
04/01/2014 GOAL FICO SCORES: 720s = AAoA=+7m, UTIL ≤ 9%, 12m INQ ≤ 6, COLL=0, PUB REC=0, MISS PAY=0
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

Frequent Contributor
Posts: 331
Registered: ‎07-08-2013
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

I wish they would remove the lates in 2011, but they are not wanting to go that far back.....I'm going to call everyday until someone says YES!!!! By the time I'm done Sallie Mae will know me by name **chuckles**
New Member
Posts: 2
Registered: ‎07-25-2013
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

I'm glad for you.

This gives me hope.  I've been in deferments for a while.  Was 1 -2  months late with the US Dept loans (kicked in before I had a job) and they dinged me for 120.  They also slapped a '120 days late' square for last July.  I was still in school last July!  LOL

7/12 EX: 528 ; TU: 602: EQ: 561 (freecreditreport.com)
7/18 EX: 551 ; TU: -- ; EQ: -- (freecreditreport.com)
7/25 EX: 600 ; TU: 584; EQ: 570 (myfico)

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...


MillyBean wrote:

I'm glad for you.

This gives me hope.  I've been in deferments for a while.  Was 1 -2  months late with the US Dept loans (kicked in before I had a job) and they dinged me for 120.  They also slapped a '120 days late' square for last July.  I was still in school last July!  LOL


They shouldn't put a 120 late while you were in school.  Have you talked to the SL lender to have them correct that?

Frequent Contributor
Posts: 331
Registered: ‎07-08-2013
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Re: It's OFFICIAL Sallie Mae Late Payments are being Removed...

Yeah I faxed them a copy of my credit report along with an the in school deferment form signed by my school.
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