GW lates on student loans?

[zeek69]

Hello and thanks in advance for your help.

I have two revolving student loans in good standing, BUT there are some bad marks on the 7 year history:

30 days late 0 times
60 days late 3 times (Jul 2007, Feb 2006, Feb 2005)
90+ days late 8 times (Jul 2006, Jun 2006, May 2006, Mar 2006, Aug 2005, Jul 2005, Jun 2005, Apr 2005)

The loans are with THE STUDENT LOAN PEOPLE. Is it possible to have a good will removal of the late history?

[Anonymous]

Scoring wise- 

If they removed and they ussually won't) removed all the lates except for 7/07 your score would not change-

Keep paying on-time -

You can try a GW- but if these are federal student loans they are required by HEA to report accurate,

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zeek69 wrote:
Hello and thanks in advance for your help.

I have two revolving student loans in good standing, BUT there are some bad marks on the 7 year history:

30 days late 0 times
60 days late 3 times (Jul 2007, Feb 2006, Feb 2005)
90+ days late 8 times (Jul 2006, Jun 2006, May 2006, Mar 2006, Aug 2005, Jul 2005, Jun 2005, Apr 2005)

The loans are with THE STUDENT LOAN PEOPLE. Is it possible to have a good will removal of the late history?

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[zeek69]

Thank you Timothy

Just so I completely understand, are you saying that my scores would not change if all but the 7/07 mark was removed because it is less than one year old, or because even having one late mark on a student loan will negatively impact a credit score?

If it is because the late is less than a year old, can I expect a slight bump when the 7/7 mark passes the one year date?

Thank you again.

[Anonymous]

FICO uses "how recent" and "How Severe" for scoring purposes-

as the 7/07 late is both the most recent and most severe- FICO is going to ignore the other lates.

I got a small bump when my lates turned 1 year-  I am expecting a bigger one when they turn 2 in a few months. The FICO simulator confirms this-

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zeek69 wrote:
Thank you Timothy

Just so I completely understand, are you saying that my scores would not change if all but the 7/07 mark was removed because it is less than one year old, or because even having one late mark on a student loan will negatively impact a credit score?

If it is because the late is less than a year old, can I expect a slight bump when the 7/7 mark passes the one year date?

Thank you again.

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