07-09-2012 09:39 AM
2011 was a bad year for me. I am at the beginning of my credit repair journey and my goal is to get my scores to 630 so I can get a car. I really need to have one before winter comes. Anyway so I have 10 student loans and I am pretty sure 8 of them are the reason why my credit score is in the tank.
Here is my SL breakdown:
2 loans - AES 2-90 days late (Jan 2011, July 2011) 2 -120 days late (June 2011, Dec 2010) on each loan
2 loans - Dept of Ed/Sallie Mae (New loans not in repayment until next month)
2 loans - Dept of Ed/Sallie Mae 1-90 days (Jan 2011) 1-120 days (Feb 2011) on each loan
4 loans - Sallie Mae 1-90 days (Jan 2011) 1-120 days (Feb 2011) on each loan.
I tried calling Sallie Mae's customer advocated department because I checks the national studen loan database and I was under forbearance for those 4 loans on those dates but person I spoke with said that I went into the forbearance after those lates were reported. (sigh).
So here's my question to you experts out there. I have read tons of threads about Sallie Mae/Dept of Ed/AES and most people don't seem to have any success with GW. Especially since these lates are my mistake and not the mistake of the creditor. Is there any advice out there other than letting it ride until 2018? At what point do these lates not matter so much to my score? If anyone has any magic contacts for any of these SL companies or any advice on GW them that worked for you I would greatly appreciate it.
07-10-2012 05:16 AM
doin the bump! anyone with some advice or am I completely screwed?
07-10-2012 07:22 AM
I'm in the same boat you are. The only derogs on my CR are lates on my SLs: 2 with ACS/PHEAA (120+ days late in 2010) and 4 with ACS/Access Group (120+ days late in 2010 and again in 2011). I've been trying to get GW on both, but neither one will budge. So, the bad news is, you're probably stuck with the lates on your CR for the full 7 years.
The good news is that you're not as screwed as you think. In the past 6-7 months, I've been able to get a new Wells Fargo Visa ($3,000 CL) and a new auto loan from Chase (~$20K at 7.09%). If you've got a solid income and good recent payment history, you'll be able to overcome the late payments on your SLs.
07-10-2012 09:28 AM
Thanks for the positive energy LionLaw! I'm not going to hang my head about these lates anymore. I'll just work on cleaning everything else up and send a GW their way if I have the time in case I get lucky. Hopefully I will bbe able to get a car loan like you in before winter!