01-24-2013 07:56 AM
Yes, you lost the installment tradelines and also the aaoa dump both. This score drop makes sense. Why not leave them off your reports. You should get new tradelines from your new lender/servicer combo once the loans are picked up again. Last thing you need is old tradelines with 4 years of 120+ days late remarks in the tradeline. Leave well enough alone for now.
I don't know why they removed both. She clearly told me they would verify the one with the correct account number. Not complaining except for losing the 53 points. I would think I would gain those plus a few more when my loans get picked up and start reproting again.
At this point I am just going to sit back and wait for the new servicer to pick up the loans and start reporting and hoping for the back dating of 18 years as others have seen.
01-28-2013 03:15 PM
Called the DOE today because my December payment is not showing up like they told me it would. My February payment that I made early is posted though. The lady I talked to today said that it is not as simple of a fix as the lady told me last Friday. She asked if I was in urgent need of my loan to be cleared and picked up. I told her not urgent but I didn't like that January and February's payment have already posted and not December and I understood this would delay the process and after 9 months of hefty payments ($1270/mo) I didn't appreciate the delay. She asked if I had any big purchases I was prepaing to make. I told her no but I wanted to get my house refinanced this spring before rates went up. She VOLUNTEERED to remove my name out of the data base for defaulted loans and to remove all negatives from the credit bureaus. I asked her how long this would take and she said they have a department that can expedite it and have it done in 48 hours for people who have completed the 9 payments and their is a hold up that is DOE fault (such as mine). I told her I wasn't that desperate yet but she said 'Lets do it anyways that way we have the defaults and baddies removed." WORKS FOR ME!!!!
I will sit back and wait for my score report notice. I anticipate my score to take a drop once the baddies are removed. This will severely hurt my AAoA but once my loans get picked up and all my backdating with positive tradelines go back on my report I should see a nice jump.
This is really a test of patience more than anything else!
02-16-2013 10:25 AM
Things are slowly moving along for me in this rehab game.
Mailed in my bank statement and letter from the bank to show when the December payment came out. Sent to DOE. Once they received the letter it was noted on my account. The rep said they can see I did in fact make my Dec payment but now they have to wait for data entry to put it in. She said they are back logged and it could take up to 30 days for them to enter the payment. I check myeddebt.com several times a day. It only took a week but the payment showed up on Friday.
I also check my Equifax report daily (using backdoor method). Today all my negative tradelines from DOE are gone. I have not received a scorewatch report. I am actually expecting this to drop my score because my AAoA is going to take a major dive. I suspect I will regain those points once my loan gets picked up and the new provider reports the past 8 years as perfect paying!!!
Also this week I was able to negotiate 5 of my 6 remaining collections to be deleted (all medical) but they have not been updated yet. They told me to give it 30 days. My last collection will fall off in July.
I have been rebuilding for the last 9 months. I have seen almost zero movement in my score. I started out with 32 collections, 2 student loans in default, 5 judgments and two tax liens. I have added two credit cards (secured visa through my credit union and a VS card). I think the next 30-60 days I am going to see my scores skyrocket as the last of the negatives comes off and only positives report!
I will keep updating as things progres!
02-25-2013 08:27 PM
My loans have been picked up. Went to myeddebt.com and saw that I owed nothing. Saw on here thqt someone elses report said that and that meant their loans were picked up. I quickly called them and they told me GREAT LAKES picked up my loans! I am thrilled!!! I was afraid Sally May was going to pick them up. I have heard of people having lots of problems at no fault of their own and Sally May dinging their report. I worked hard to get to this point and I don't want to play hard ball with anyone.
All of my old student loans have been deleted off of my credit reports (except for one duplicate on TU that I will dispute if it is not gone in the next week or so). At this same time I had 3 collection reports removed.
My scores hit 653 last week with all the changes.
I also negotiated for 2 of my last 3 collections to be removed. They should come off in the next week or two. And soon the new student loans with 8 years of positive trade lines reporting. I am hoping to be visiting the 700 club once that happens.
When I started this journey 10 months ago I was in the mid 500's.
02-27-2013 08:12 AM
03-05-2013 08:59 PM
03-07-2013 05:35 PM
Thank you for detailing your experience. We owe about the same amount in student loans and I am in rehab with CBE Group as well which has been pretty easy to deal with. My payments are shockingly low compared to yours (probably due to family size and income) but I offered more than what they told me I had to pay. I am getting ready to make payment #9 and following your path I checked myeddebt.com to make sure all the payments are there and they were. I had a bit of a heartstopper last month when they called me asking if I had made my payment, which I had and had drafted out of my account. They said DOE was behind and is glitchy at times which is not awesome. Hoping the rest goes smoothly!
03-10-2013 04:20 PM
My loans hit my credit reports this past week. They are dated back to 2006 and show one month of on time payments. Nothing negative. My scores did not budge when they hit my reports. I think this is because they are showing in deferment. I created an account on Great Lakes website and applied for IBR. It atommatically put me in deferment until June. I need to send in this years tax information. Since I am still in the process of filing I will do this in the next week or so.
Anyone have any idea as to why I didn't see a score bump when the new loans hit my reports? Is it because they are in deferment? Once my IBR papers are filed and I have a pyament plan will I than see a bump?
03-10-2013 05:34 PM
Being in deferment doesn't have any impact on your score, since loans in deferment still show as "Paid as agreed." You probably didn't see bump because no additional negative information was removed and the new account may not have changed your average age of accounts. Because your score is based on everything in your file, it's hard to guess what impact a specific action will have on your score.
You'll start to see some gradual, positive impacts as you pay the loan on-time and it ages with a good payment history.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.