Rehab Loans getting picked by another lender

bigblue7722 · ‎08-05-2013

In the end of august, I will be making my 7th payment to GRC for my defaulted Sallie mae student loans. Im not sure what my starting score was back in February but I would say my credit score has definitely gone up as I have added secured cards and another installment loan sense then. Right now I am at 628 for eq fico, so does that mean my loan could get picked up faster than a person who say has a 550 score would? Or is it just all luck of the draw?

AMEX PRG NPSL,Lowes $17000,Capital One venture card $12,000,Us Airways mastercard $9500,Fidelity Amex $9000, Discover it $8000, Capital One Venture One $7500, BOA 123 rewards $7500 CSP $6000, Capital One Quicksliver $5500, Amazon Store card$5000,Barclay
Card Ring $5000 Chase Marriott $5000,Chase Hyatt $5000, Sallie Mae Mastercard $4400, Paypal smart connect $4000,Chase Freedom $3200, Capital one Quicksliver visa $3000, Chase IHG Rewards $2300, Chase Southwest Premier $2000, Citi Double Cash $1500, AMEX BCE $1000

Last app July 22nd 2015- No apps for two years.

elleng81 · ‎08-05-2013

I was told by my servicer (GC Services for the Dept of Ed) that your score has no bearing, but your payments during the rehab process did. Someone who made ontime payments would be easier to pick up than someone who was late or required outreach. I don't know if this is true or not as I have read about people on these boards who have made up to 12 ontime payments and still haven't been picked up....

InvincibleSummer3 · ‎08-05-2013

Elleng81 is right - your score won't help nor hinder you in getting picked up faster. What seems to be the major factor is how much bureaucratic red tape is involved in the process. For example, Florida borrowers are seeing significant delays.

That said, when the process is working right we don't hear about "the good stuff" on these boards. The folks who are delayed seem to be a small minority - most of us are getting picked up fairly quickly. I got picked up within 2 weeks of my 9th payment. Hang in there. The increased credit score is a sign you're on the right track. Keep up the good work!

Bill2265 · ‎08-08-2013

Hello. Yeah Im on rehab payment 13 and still no lender. They keep telling me to keep paying the payments and it should get picked up anytime now. I'll keep you guys posted!