cancel
Showing results for 
Search instead for 
Did you mean: 

Old student loan

tag
Sbrooks1
Valued Contributor

Old student loan

Does anyone have experience with old student loan that has long fallen off credit report! I was garnished 7 yes ago and even though that total was 3800 none was applied to my loan of only 6400. I now owe 7250 after discovering nslds . Tried to consolidate and denied d/t garnishment . The garnishment I thought paid this debt off was 7 years ago and no word since. I only went on the nslds when a friend of mine was denied a mortgage. I want to pay , I owe this money. What is my best course of action to not bring my scores down? Anyone that can help??
Message 1 of 9
8 REPLIES 8
Sbrooks1
Valued Contributor

Re: Old student loan

Please help ! You guys are the best and I need your knowledge!!!
Message 2 of 9
SCF
Valued Contributor

Re: Old student loan

The NSLDS will tell you who holds the loan - contact them and make payment arrangements.  I would reccomend rehabilitation over consolidation.  A rehab takes longer (9 months of on-time payments + some time for the loan(s) to be picked up by a new servicer), but at the end you have a tradeline that is backdated to the original open date of the loan.  It sounds like that could be a boost for your average age of accounts, and you didn't mention being in any sort of time crunch.

 

Once the loan is through rehab and back with a servicer, you can choose an income-driven payment plan, a standard repayment schedule, or even just make a few large payments to pay it off.

Message 3 of 9
Sbrooks1
Valued Contributor

Re: Old student loan

Thank you SCF ! I am worried that this will trigger all the baddies to re appear on my credit report, but u can't move forward without paying this debt.
Message 4 of 9
Anonymous
Not applicable

Re: Old student loan

OP read this thread http://ficoforums.myfico.com/t5/Student-Loans/Student-Loan-Rehabilitation-Expected-credit-score-incr...

 

I had the same fear as you but Rehab is the way to go. Im on month 4 .

Message 5 of 9
empiror22
Regular Contributor

Re: Old student loan

SCF is right. However from my understanding if the account is past the 7 years they should not reappear on your credit report, at least not negatively.
Message 6 of 9
Sbrooks1
Valued Contributor

Re: Old student loan

Well the consolidation is under way so we will see what it does to my scores , so scared!!! I hope a new trade reports and now to the 20! Year late
Message 7 of 9
Sbrooks1
Valued Contributor

Re: Old student loan

I should've gone rehab
Message 8 of 9
Sbrooks1
Valued Contributor

Re: Old student loan

Thanks yall!!!!!!
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.