Student Loan Misery.

[Cheryla18]

MayOK

Jun90

JulOK

AugOK

SepOK

OctOK

NovOK

Dec90

'8120

Feb120

Mar120

Apr120

May120

Jun120

Jul120

Aug120

Sep120

This is a student loan and it doesnt make any sense to me. How can someone be late 120 days  for 9 months straight? Shouldnt it have went the normal 30,60,90,120,180 and then CO?  How on Earth can I get this fixed. It's due to fall off late this year but if it's what is holding my score down I need it fixed as fast as I can since I want to qualify for a mortage this Spring. Also the problem here is that there are 2 seperate student loans that are showing this...but with different dollar amounts.

Thanks

Cheryl

[llecs]

IME, many of my creditors had mis-reported lates in my favor. When they should have marked a late, they reported the payment as "OK". I certainly never wanted to correct them though, and it didn't make any scoring difference. My favorite was Capital One. They reported 30 in May and a 90 in July, with "OK" in June. Certainly I was late in June and they should have marked it late, but didn't for whatever reason.

Creditors don't always wait until 180 days to CO an account. They can do that at anytime. There's no set rule on that. Reporting as 120 days or a CO is standard after 90. They can report that monthly up until it is paid or sold. I had COs reporting that reported "120s" months and even years on end. FICO and lenders would still see it as a CO. 

Your lender will likely require it to be paid before approval. I'd aim for PFDs  now if not done already or pay it off if unsuccessful on your PFDs, or wait for it to drop before applying. Depending on the loan type, your lender might still be able to see it after it drops if a federal loan.

[Cheryla18]

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@llecs wrote:

IME, many of my creditors had mis-reported lates in my favor. When they should have marked a late, they reported the payment as "OK". I certainly never wanted to correct them though, and it didn't make any scoring difference. My favorite was Capital One. They reported 30 in May and a 90 in July, with "OK" in June. Certainly I was late in June and they should have marked it late, but didn't for whatever reason.

Creditors don't always wait until 180 days to CO an account. They can do that at anytime. There's no set rule on that. Reporting as 120 days or a CO is standard after 90. They can report that monthly up until it is paid or sold. I had COs reporting that reported "120s" months and even years on end. FICO and lenders would still see it as a CO. 

Your lender will likely require it to be paid before approval. I'd aim for PFDs  now if not done already or pay it off if unsuccessful on your PFDs, or wait for it to drop before applying. Depending on the loan type, your lender might still be able to see it after it drops if a federal loan.

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Thank You for the info. I haven't had a acct look like this before. These accts have been paid for years now...I am getting to the end of having them on my report and wasnt sure if that reporting liked like anyone else's and if it was possible to show 120 days late for so many months in a row. It looked awfully fishy to me.

Cheryl