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Okay so I had an identity theft issue from a relative that made me very wary and untrusting of credit at a young age so I just absolutely ignored it. I always had a cosigner when I was renting an apartment and never needed to get a car until very very recently. Whatver right? I 'll just pay cash for everything. Oh what a young fool I was. And still probably am in all honesty. Credit scores and credit reports were just kind of an unattainable abstract concept that I just completely ignored for years and years and years and years. But... now that I am a grown up (28 to be exact) and living in America again (I'll skip those details) I just can't ignore it anymore. A decent credit score is required for today's world. My oh my how embaressing that at 28 I have to ask a relative to cosign an apartment for me and I was literally too scared to even apply for a car loan for fear of being laughed at for my shoddy credit report.
Well I've been doing some research... thank you google. And I'm not in the worst shape in the world.
I had two accounts in collections thanks to signing up an ex boyfriend for a PG & E bill in my name that I disputed and they have since been deleted.
I have one judgement that will fall off in Sept of 2017 (but seeing as how I threw away anything that looked like a bill for a huge chunk of my over-18 life I can legitimately claim that I have no knowledge of this.. oh and up until a couple weeks ago my credit reports all showed the wrong birth date so I can probably get it deleted... or should I just wait?)
I have three open accounts. One secured credit card, one auto loan (at 7.2%! thanks navy fed!), and my gosh darn student loans. The first two are in fabulous standing because I opened them after I became a grown up (I became a grown up when I almost got a third degree burn from the candles on my birthday cake. That was a real wake up call).
Once my credit card gets reported and my last two on-time payments get reported I am applying for an unsecured card through Navy Fed because they are an awesome bank and generous with their limits.
Now we are really getting to the meat of this question.
So, my student loans are my oldest account and I have missed about 7 payments on them a year ago. I am current and all good since then (yay me! I may live off of oatmeal and beans and rice every day but I pay my gosh darn bills! umm now). So thsi is my oldest account... it's almost 7 years old and I want it to be squeaky clean because that guy will definitely be on my report for many years to come. So.... (and finally my question)... WHAT IS REHABBING YOUR STUDENT LOANS? You mean I can just ASK them to take the bad info off my credit report and THEY'LL DO IT? I mean dude that's totally sweet but seriously? How do I do it? I only have SEVEN missed payments and a ton of actual payments and I've read about people with a lot shadier histories who have totally learned how to work it.
It took me about ten minutes to figure out how to post a question and I don't have the time nor the patience to figure it out on my own and you guys are my favorite credit forum so please assist.
What is this credit rehabbing? Why do they do it? How is it done? How long does it take? What will motivate them to just delete negative information? Do I call? Do I write a letter? Do I have to make a case for myself?
Thank you for taking the time to read this whole thing for such a simple question. I am a chatty Kathy I know.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Rehab is only for student loans that are in current default status (I believe). So if you are currently making payments, this would not apply to you.
If you are having problems with the payments (amounts too high), you can contact your servicer and see about IBR, etc. If your servicer is Navient (Sallie Mae) goto their website and/or phone them. They are very helpful. Even if they are not your servicers, read up anyhow first. Also read up on the student loan section of this website.
Hope this helps, good luck.