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Loan Rehab - Fedloan Serving new servicer ... new tradelines?

Regular Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

Okay, here we are in December.  Approximately 3 months post-rehab and I got a notification yesterday that TransUnion is the first of the three to be reporting them.  My balance went up, and my credit score only dropped one point.  My monthly credit report is actually supposed to update today, so I will see what that payment history looks like.  I am thinking it will only have the 3 months in it.

 

1 point drop is very good considering the balance amount

My FICO Scores:
9/17: EQ - 542 / TU - 535 / EX - 506 // Mortgage: 553, 545, 486
10/ 17: EQ - 558 / TU - 563 / EX - 586 // Mortgage: 554, 568, 536
11/17: EQ - 630 / TU - 589 / EX - 614 // Mortgage: 606, 606, 572
12/17: EQ - 630 / TU - 624 / EX - 619 // Mortgage: 584, 612, 671





Journey Milestones: Completed Federal Student Loan Rehab in Sept 2017. Settled First Premier Bank CC in August 2017. Constant uphill battle with Navient incorrect reporting on seven (7!) private student loans. No TLs listed in delinquency. Obsessively keeping 2 CC UTI @ 7-9% monthly.

End Goal: Pre-Approval for FHA Spring/Summer 2018
Message 31 of 44
Frequent Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

Honestly, if I only knew half of what I've learned in the past 6 or so months on these forums I can't even begin to list the things I would do differently. As for being a frivolous reporter, once you dispute a debt and it comes back as verified from the bureau, if you dispute it again the creditor is under no obligation to even take your request seriously *as long as you provide no new information and explicitly outline what that info is*. At least that is my understanding. You may ask for a method of verification, or a few other options but if it happens multiple times (as was the case unbeknownst to me from LL) the bureaus will even stop letting you use the online dispute system. Again, I am not 100 percent sure that is the exact workflow, but that was my experience with Experian and Equifax.

I'll have to look into this Colorado company if it's someone you'd recommend. It's hard to know who is legit and who isn't with these sorts of companies.




Starting FICOs: 629 EX, 654 EQ, 629TU (6/1/17)
Current FICOs: 628 EX, 682 EQ, 663 TU (12/1/17)
1st Goal FICOs: 720 EX, 720 EQ, 720 TU (12/1/18)
Message 32 of 44
Valued Member

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

Since the last time I posted not much has change on my reports.... Scores still pretty much the same. EX 682 (+1 pt) TU 681 (0) EQ 678 (-1 pt)

FedLoan still hasn't shown up, but when I spoke with them last week I was told that they were reported for December. So, maybe within the next 30 days it will be visible on the report. 

 

If I experience a score change of any significance I will have to take other factors in consideration as well.

*I had my only collection on EQ deleted.

*1 new hp on TU

*1 new CC account reporting on all 3.

 * On 12/9 I applied to have 9 of the 13 consolidated into 1 loan. (The other 4 I plan to pay off in full 1 at a time.)

 

I am now just tryin to get my scores to 700!!! Those loans will just have to naturally work themselves out. I'm tired of stressing over them! I'm more focused now on the overall rebuild and maintaining good financial behaviors/routines.

Message 33 of 44
Frequent Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

Are you sure Continental Credit has a lawyer on staff? BestCompany.com lists that their lack of a lawyer is one of their main drawbacks. I just want to make sure I'm looking at the right place.




Starting FICOs: 629 EX, 654 EQ, 629TU (6/1/17)
Current FICOs: 628 EX, 682 EQ, 663 TU (12/1/17)
1st Goal FICOs: 720 EX, 720 EQ, 720 TU (12/1/18)
Message 34 of 44
Regular Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

So, I personally don't know enough to recommend a company that is the best.  Plus, I wouldn't want to discredit this board and the knowledge here at ALL.

 

I went with my mortgage brokers recommendation for the sole fact that he deals with reporting issues all of the time.  Am I 100% sold on this company?  No.  Someone else mentioned that they don't have a lawyer on staff--I agree that is a drawback.  Sometimes I have to tell THEM about my progress--they don't soft pull as frequently  and I am so proactive right now that I call in & know more than they do haha.  However, they recommended a negotiation tactic with First Premier that saved me $250 during settling.  

 

Have they been effective in raising my credit score?  It's totally hard to tell because of the rehab--I would imagine I am pulling the weight of the improvements. Keeping my UTI low and watching like a hawk on how Navient is currently reporting has done me well.  

 

They have removed a good portion of unverifiable reporting through all three bureaus.  However, with how bad things are with Navient right now, I would argue that it's hard to "really see".  I agree with folks on here that you can go at it on your own--but I have the room in my budget and I will give them until April-May 2018 to keep chunking away at Navient.

My FICO Scores:
9/17: EQ - 542 / TU - 535 / EX - 506 // Mortgage: 553, 545, 486
10/ 17: EQ - 558 / TU - 563 / EX - 586 // Mortgage: 554, 568, 536
11/17: EQ - 630 / TU - 589 / EX - 614 // Mortgage: 606, 606, 572
12/17: EQ - 630 / TU - 624 / EX - 619 // Mortgage: 584, 612, 671





Journey Milestones: Completed Federal Student Loan Rehab in Sept 2017. Settled First Premier Bank CC in August 2017. Constant uphill battle with Navient incorrect reporting on seven (7!) private student loans. No TLs listed in delinquency. Obsessively keeping 2 CC UTI @ 7-9% monthly.

End Goal: Pre-Approval for FHA Spring/Summer 2018
Message 35 of 44
Regular Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

@ MtgGoal4Me -- I feel like you and I are prob closest in timeline.  I attribute my increase to both the rehab and settling with First Premier--they still reported an overusage on revolving credit & when I settled it stopped reporting that way.

My FICO Scores:
9/17: EQ - 542 / TU - 535 / EX - 506 // Mortgage: 553, 545, 486
10/ 17: EQ - 558 / TU - 563 / EX - 586 // Mortgage: 554, 568, 536
11/17: EQ - 630 / TU - 589 / EX - 614 // Mortgage: 606, 606, 572
12/17: EQ - 630 / TU - 624 / EX - 619 // Mortgage: 584, 612, 671





Journey Milestones: Completed Federal Student Loan Rehab in Sept 2017. Settled First Premier Bank CC in August 2017. Constant uphill battle with Navient incorrect reporting on seven (7!) private student loans. No TLs listed in delinquency. Obsessively keeping 2 CC UTI @ 7-9% monthly.

End Goal: Pre-Approval for FHA Spring/Summer 2018
Message 36 of 44
Frequent Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

I feel the same way about Lexington Law. I found a great coupon and then a plan they don't advertise ($24 a month) so I've just let them do their thing and they are at least more organized than I could ever be. But they have no idea about student loans and those are my only baddies now. Between FedLoan and University Accounting I am losing my mind.




Starting FICOs: 629 EX, 654 EQ, 629TU (6/1/17)
Current FICOs: 628 EX, 682 EQ, 663 TU (12/1/17)
1st Goal FICOs: 720 EX, 720 EQ, 720 TU (12/1/18)
Message 37 of 44
Established Member

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

If I may ask, how many student loans did you have and price range? I have 90k I will be consolidating with FedLoans and hoping I Get an outcome like that.
Starting Score:475
Current Score:475
Goal Score:700


Take the myFICO Fitness Challenge
Message 38 of 44
Regular Contributor

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

I had two loans in that rehab--one consolidated federal unsubsidized & one consolidated federal subsidized.  Together the loans total $45k.

 

During the time period I was in school was when the stock market crashed and interest rates at the time were around 9%.  I was able to consolidate years later, just out of my own decision, and get a significant interest rate reduction.  The individual loan trade lines still show.

My FICO Scores:
9/17: EQ - 542 / TU - 535 / EX - 506 // Mortgage: 553, 545, 486
10/ 17: EQ - 558 / TU - 563 / EX - 586 // Mortgage: 554, 568, 536
11/17: EQ - 630 / TU - 589 / EX - 614 // Mortgage: 606, 606, 572
12/17: EQ - 630 / TU - 624 / EX - 619 // Mortgage: 584, 612, 671





Journey Milestones: Completed Federal Student Loan Rehab in Sept 2017. Settled First Premier Bank CC in August 2017. Constant uphill battle with Navient incorrect reporting on seven (7!) private student loans. No TLs listed in delinquency. Obsessively keeping 2 CC UTI @ 7-9% monthly.

End Goal: Pre-Approval for FHA Spring/Summer 2018
Message 39 of 44
Valued Member

Re: Loan Rehab - Fedloan Serving new servicer ... new tradelines?

FINALLY!!!
The new FedLoan accounts are showing on Experian, the first of the 3 CBs. My score went from 682 to 718!! I am waiting and hoping that the other 2 CBs have an identical impact.

I'm so happy to see my scores make it over the 700 hump! (I don't know if I've ever had a score over 700 in my adult life lol)

I looked at the FedLoan site this morning and my consolidation is showing as well, but the other TLs aren't paid off yet. So instead of 55k+ owed, it's 96k+... But, if nothing else I've learned to let these things take it's natural course.

I'll update more once I see what happens with the other bureaus.

Message 40 of 44