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Regular Contributor
bsal
Posts: 157
Registered: ‎04-13-2008
0

HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT

HEY GUYS THIS IS A STUDENT LOAN QUESITON FOR PEOPLE WHO KNOW OR WHO HAVE ALREADY GONE THREW WHAT I'M GOING THREW, I AM ABOUT TO COME OUT OF DEFULT ON MY STUDENT LOAN BY JULY 1 08 CAUSE I BEEN IN ON A SCHOOL LOAN REHAB, MY QUESTION IS HOW MUCH OF A BUMP UP CAN I EXPECT ON MY FICO SCORE WHEN I COME OUT OF DEFULT CAN I GET AN ESTIMATE WHAT LIKE 10,20, 30 POINTS INCREASE?
Regular Contributor
bsal
Posts: 157
Registered: ‎04-13-2008
0

Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT

guess nobody knows this question ?
Regular Contributor
bsal
Posts: 157
Registered: ‎04-13-2008
0

Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT

can somebody please shed some light on this question for me ?
Established Member
benitaV
Posts: 17
Registered: ‎03-24-2007
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Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT

If it was with General revenue. Nothing. Because they just vanish after they take your money. Off of your credit report like they were never there, and your loan amount if it is like mine. I paid $900.00 at the end of the nine months it went down a little over $100.00  They just kept my money and there is nothing I can do. Just start over, again, 4th time. Good Luck
Regular Contributor
bsal
Posts: 157
Registered: ‎04-13-2008
0

Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT

IT WAS NCO DEPARTMENT OF EDUCATION SO NOBODY KNOWS THIS QUESITON
Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
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Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT



bsal wrote:
IT WAS NCO DEPARTMENT OF EDUCATION SO NOBODY KNOWS THIS QUESITON





Chances are, no one knows.

Why? Because your asking how much it will bump your score up depends on too many variables to merely guess at. Do you have any other lates? How about length of credit history? Any revolving accounts? Any collections? Any COs?

That's like asking someone "How much money will I make after I graduate?"

Without knowing any of the particulars, no one can answer that with ANY degree of certainty.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Regular Contributor
bsal
Posts: 157
Registered: ‎04-13-2008
0

Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT

well i have 2 accounts in collections they are medical accounts but they are paid off, i have a charge off account with cap 1 but thats is bout to be deleted off by aug 08, i have a defulted school loan thats bout to be out of defult on july 1 i have no auto loan, i have no credit card debt, only the school loan thats in defult
Frequent Contributor
LynnInMN
Posts: 465
Registered: ‎06-13-2008
0

Re: HOW MUCH OF A BUMP CAN I EXPECT AFTER DEFULT




benitaV wrote:
If it was with General revenue. Nothing. Because they just vanish after they take your money. Off of your credit report like they were never there, and your loan amount if it is like mine. I paid $900.00 at the end of the nine months it went down a little over $100.00  They just kept my money and there is nothing I can do. Just start over, again, 4th time. Good Luck



 General Revenue does NOT vanish after they take your money. GR has been around for years and I believe are actually owned by Sallie Mae.  As will all federal student loans, GR does not own them...they work on behalf of their FFELP guarantors and I believe the DOE.  Your balance  is calculated by the holder of the loan, not GR.  The money is paid to the guarantor.  Your balance probably didnt go down much because the collection fees which are mandated by federal law are paid first. 
Ex-Financial Aid Officer

Ex-Student Loan Collector

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