01-13-2013 06:05 PM - edited 01-14-2013 07:00 AM
I just made a huge mistake by not knowing my student loan was not getting paid.
For the last 12 years I have been paying all my undergraduate loans without ever being late - full amount. In 2010 I decided to go to Grad school and of course took out more loans and I graduated in September 2011. The loan went into a deferment period that ended in March 2012. When March came across, through a grave mistakes of my own, I believed my loan was getting repaid. I'm so angry at myself for making this error - I have several unconsolidated loans - still no excuse, I screwed up!
My credit score had been near 800 across the board and my FICO was high (I don't remember what score). To make a long story short, I eventually found out I was defaulting when I checked my credit and it was at 495 - which I then contacted Direct Loans. They told me it was close to going to collections, but I explained what had happened along with some financial tax issue I had - not my error. The agent on the phone told me they would note my account then I could begin making regular payments in February 2013. So now I will begin those payments as well.
When I talked to the agent at Direct Loans, they also told me I could send a Good Will letter and provide evidence on what happened - along with my credit report. In the end of November I sent that package off and as of today I still have not received any updates on what they are going to do. I called three weeks ago and they told me they did receive my package (30 pages) and would "let me know". Should I continue to call them or just wait it out? Also, my score jumped from the last month from 495 and is now at 556. All my Direct Loans reports now say "pays as agreed", but it also says 30, 60, 90, 120 days.
Anybody have any advice based on your experiences on what I should do to fix my issue? I do not have any other lates or delinquencies on my report.
01-16-2013 09:40 PM
I would continue to follow up with them. Many members who have success with GW on these forums have it after havng made more than one (or many) attempts. If they refuse to make a GW adjustment, the only thing to do will be to continue to pay on time and wait for the score impact to decrease over time.