Rebuilding Your Credit

[hillbillytim]

I pulled my credit report about a month ago and noticed that my rehabbed student loan was finally updated (was a collection before).  It now shows:

Department of Education

Date opened: 1/1/2001

Balance: 17,715

Status: Open/Pays as agrees

I was surprised that had no affect in myFICO score (644 at last notice).  I was expecting a jump.  Does that take months to reflect?

[phillyguy12]

does it still show any late payments below that?  if it does you will need to wait for them to age, or do you have any new hard pulls, if so they maybe offsetting any gain

[rckstrscott]

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hillbillytim wrote:

I pulled my credit report about a month ago and noticed that my rehabbed student loan was finally updated (was a collection before).  It now shows:

Department of Education

Date opened: 1/1/2001

Balance: 17,715

Status: Open/Pays as agrees

I was surprised that had no affect in myFICO score (644 at last notice).  I was expecting a jump.  Does that take months to reflect?

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Do you still show all the late payments? Just putting the account into pays as agrees won't really do a whole lot if the lates are still showing..

-scott

[bradmaster]

Congrats on your rehabbed loan!  

Quick question - if you went through Us Dept of Ed (which I did), what happened to me was that - that removed the "collection" account by Us Dept and my new lender reported me as Pays as Agreed which boosted my score from 590 (Eq FAKO, did not purchase FICO at that time), to 670 (Eq FICO).  

Definitely review the credit report (all 3 CRA) to make sure everything is in place.  Oh! I also disputed right away (the collection account *edit*) when I was informed that my loan was rehabbed.  May not be the greatest idea, but my "collection" status from Us Dept of Ed was deleted.