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Contributor
ecalmese
Posts: 153
Registered: ‎01-24-2013

Re: i've been working on my credit for 3 years and still no progress


ando35 wrote:

Maybe because it is unresolved? It seems like you owe a lot with no BK or something releasing it?


so bankruptcy was actually the better alternative than going the old fashioned way and just paying things off? i dont understand why the things from 2003 will not drop off my report. i consolidated my student loans back in march and its may and i still have not receieved an alert that they are updated/satisfied or whatever new status i should have on my report. The loans have been paid off to the government and i'm not paying sallie mae.

 

i've contacted the attorney general and most recently last night i've contacted the BBB to file a complaint against Santander because those late fees in 2012 are incorrect. 

 

The collections accounts, as you can see they all paid off accept one (the one with the 14k balance now down to 13k) because i am still paying $300 a month on that one to get it paid off. its a private student loan.

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
Frequent Contributor
cqdealer711
Posts: 323
Registered: ‎02-17-2013

Re: i've been working on my credit for 3 years and still no progress

haha i used to live in villages of wyncrest  :smileywink:



Starting FICO Score: 10/1/12--EQ 512 | TU 492 | EX 524
Current FICO Score: 2/22/14--EQ 705 | TU 703 | EX 716
Goal Score: 700+


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Countingpennies
Posts: 464
Registered: ‎02-14-2013

Re: i've been working on my credit for 3 years and still no progress

I would get FULL copies of all three credit reports, annualcreditreport.com is the site for your free annual reports. If you've already had these, get your reports from each CRA. Your full reports have more info, like DOFD's and 7years payment history instead of two. You definitely need the DOFD's if some of your accounts are obsolete.
Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: i've been working on my credit for 3 years and still no progress

A lot of people have success with federal student loans by contacting an ombudsmen. You could try googling or asking in the student loan forums and probably get some more specific answers. Are the dates you posted on your reports the dates opened?  If they are you should find out the date of first delinquency. You can find that by pulling your annual credit reports for free or by calling the CRA's and that should give you a more accurate time frame as far as when these should be coming off.

Contributor
ecalmese
Posts: 153
Registered: ‎01-24-2013

Re: i've been working on my credit for 3 years and still no progress

 


Countingpennies wrote:
I would get FULL copies of all three credit reports, annualcreditreport.com is the site for your free annual reports. If you've already had these, get your reports from each CRA. Your full reports have more info, like DOFD's and 7years payment history instead of two. You definitely need the DOFD's if some of your accounts are obsolete.

i did annualcreditreport.com last year, i stopped using them because i thought they were not using the FICO score. i've recently purchased reports from the CRAs. once i figure out the DOFD what do i do from there?

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
Contributor
ecalmese
Posts: 153
Registered: ‎01-24-2013

Re: i've been working on my credit for 3 years and still no progress


DiabolicallyRandom wrote:

A lot of people have success with federal student loans by contacting an ombudsmen. You could try googling or asking in the student loan forums and probably get some more specific answers. Are the dates you posted on your reports the dates opened?  If they are you should find out the date of first delinquency. You can find that by pulling your annual credit reports for free or by calling the CRA's and that should give you a more accurate time frame as far as when these should be coming off.


so they should come off my report based on the DOFD instead of the most recent date of delinquency?

 

i would love to try the ombudsmen approach as that is one approach i did not try just yet. i might have more questions on that but i'm sure the other forums will help.

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
New Contributor
ABuckNow
Posts: 107
Registered: ‎03-03-2013

Re: i've been working on my credit for 3 years and still no progress

Couple things:

SoL is irrelevant to CR.

SoL (varies state by state) generally only relates to whether or not you can be held legally responsible (ie sued in court) for the debt.

It is 100% irrelevant to credit reporting.

 

Consolidation vs Rehab

These are completely separate and distinct.  Consolidation only "combines" your loan into a new loan.  The old loans are just that - old, closed loans.  Old loans can be  reported negatively for 7.5 years (that is, 7.5 years from the DOFD, date of first deliquency)

Rehab through the DoE is it's own unique and distinct program...not to be confused with just consolidation in general.  If you didn't rehab through DoE, you will have a difficult time getting accurate negative student loan TL info removed.  Time to GW, that's really your only option.

IftheTL "status" isincorrect, that'saseparateissue, nottobeconfusedwithpaymenthistory.

 

BK will generally NOT affect student loans that are federally backed - it can happen, but it's extremely rare as I understand it.

 

If the collections are accurate and unpaid and DoFD is recent enough to worry about: DV/PFD/GW.  Don't forget to try talking to the OC, this has worked for me in the past.

 

Best of luck!

Contributor
ecalmese
Posts: 153
Registered: ‎01-24-2013

Re: i've been working on my credit for 3 years and still no progress


ABuckNow wrote:

Couple things:

SoL is irrelevant to CR.

SoL (varies state by state) generally only relates to whether or not you can be held legally responsible (ie sued in court) for the debt.

It is 100% irrelevant to credit reporting.

 

Consolidation vs Rehab

These are completely separate and distinct.  Consolidation only "combines" your loan into a new loan.  The old loans are just that - old, closed loans.  Old loans can be  reported negatively for 7.5 years (that is, 7.5 years from the DOFD, date of first deliquency)

Rehab through the DoE is it's own unique and distinct program...not to be confused with just consolidation in general.  If you didn't rehab through DoE, you will have a difficult time getting accurate negative student loan TL info removed.  Time to GW, that's really your only option.

IftheTL "status" isincorrect, that'saseparateissue, nottobeconfusedwithpaymenthistory.

 

BK will generally NOT affect student loans that are federally backed - it can happen, but it's extremely rare as I understand it.

 

If the collections are accurate and unpaid and DoFD is recent enough to worry about: DV/PFD/GW.  Don't forget to try talking to the OC, this has worked for me in the past.

 

Best of luck!


the DOE loans were consolidated and they are paid off. i am currently paying them through sallie mae now. Thats one of the problems i'm running into. They will not update on my credit report. its still showing as if i owe them and that they are defaulted. i understand they are not going to disappear from my credit report, but cant they update it to have a zero balance and put paid as agreed or something to that effect? and if so; would that help with my credit score at all?

 

 

Started January 2013 in the lower 500s
Scores (as of January 2014) Equifax 630 | Experian 646 | Transunion 674
With the help of you all; I am working my way to the 700 club!
New Contributor
ABuckNow
Posts: 107
Registered: ‎03-03-2013

Re: i've been working on my credit for 3 years and still no progress

They should update to something like "Paid; Closed" on the status.  And the balance should be 0.

It should give you a score bump - I'd guess 30-40ish points based on my own experience, but don't hold me to it!  

If you got up to 150/180 days late like I did, it's a major derog and will pull your score down for a while - with "bumps" at 6months, 1 year - so it seemed in my situation.

New Contributor
ABuckNow
Posts: 107
Registered: ‎03-03-2013

Re: i've been working on my credit for 3 years and still no progress

[ Edited ]

I re-read my ealier post, sorry if I sounded harsh.  There's a lot of mis-information out there and it annoys me sometimes!

Here's my student loan TL as reported on TU:

Balance [?] Current Status [?]

$44,007Paid or paying as agreed

Seven year payment history >[?]

30 days late60 days late90+ days late

0 times
3 times (Jun 2011, May 2011, Dec 2009)
15 times (Sep 2011, Aug 2011, Jul 2011, Dec 2010, Nov 2010, Oct 2010, Sep 2010, Aug 2010, Jul 2010, Jun 2010, May 2010, Apr 2010, Mar 2010, Feb 2010, Jan 2010)

Recent payment history  target="_blank">[?]

3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 22011 2012 2013

OKOK60 Days Late60 Days Late90 Days Late120 Days Late120 Days LateOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK

 

120 days past due

 

just under a year and a half, My TU went from high 500s to 707 (Fico's).

I've cleaned up some other things on my credit besides this "ageing", but major derogs do just that, they age off - they impact your score less and less.

You WILL get to your goals!

 


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