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Established Contributor
FicoTron
Posts: 512
Registered: ‎01-27-2011
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Re: Student Loan Rehabilitation And The Effect On Tradelines

UPDATE:  Well, my tradelines are changing.  all three bureaus show the same thing right now, and that is the whole loan amount consolidated into one tradeline for the full amount of the loan stating "pays as agreed".  The problem however is that all of the other negative tradelines are still there as collections.  The kicker here is that basically now, my report says I owe double the amount of the loan, since it is reporting all of the collections as being owed, as well as the new tradeline of the full amount.  (If that was confusing, read it again, it makes sense).  The new loan dates allllll the way back to when I opened the first loan, so that is also a plus.  I am waiting, fingers crossed that all the negs are removed.  I mean, at the very least, they can't keep them on there the way they are, making it look like I owe double the amount I owe.

 

No score change yet, but it is still early, these changes happened yesterday afternoon.

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Regular Contributor
tburns
Posts: 151
Registered: ‎11-04-2010
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Re: Student Loan Rehabilitation And The Effect On Tradelines

[ Edited ]

cflinkman wrote:

The new loan dates allllll the way back to when I opened the first loan, so that is also a plus.  I am waiting, fingers crossed that all the negs are removed.  I mean, at the very least, they can't keep them on there the way they are, making it look like I owe double the amount I owe.

 

No score change yet, but it is still early, these changes happened yesterday afternoon.



Good to hear. That gives me hope. As I said I have a very thin CR, no negatives, SL not on reports and an AAoA at 3 months and oldest TL 10 months. If the new TL dates back to '99 then my score should shoot up.

 

But anyways here's my

UPDATE: Today I received a letter from DOE stating my loan is rehabilitated and I'm now eligible for all benefits. Also stated they notified CRA's to delete the record of default from my CR's and my SL has been transferred back to Direct Loans. And that I would be contacted soon to set up a payment plan.

 

I can't wait to see the TL show up on my CR if it will be like cfinkman's dating back to original date. Adding 12 years to my thin report should help.

Established Contributor
FicoTron
Posts: 512
Registered: ‎01-27-2011
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Still sitting at the same point here.  All of my reports are still showing that I owe twice what I should on the loan because they are reporting the rehabbed positive tradeline, and still reporting all of the negatives.  I'm giving it until they report again for August, then I'll go to town on getting it straigtened out.  Worst case scenario is that they leave the negs but update them to a $0 balance, I hope to god that is not what happens.  Hopefully they fall off totally.

 

How about you tburns?  Anything on your end?

EX-774 (Amex Fico) 8/12
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Regular Contributor
tburns
Posts: 151
Registered: ‎11-04-2010
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Re: Student Loan Rehabilitation And The Effect On Tradelines

[ Edited ]

Only received a statement since last post. Scarry thing is I paid $2,561.53 in interest this year alone on these since my Fed return was garnished. Should make a great deducible next year at least.

 

I did send in my income info trying to change my payment plan, haven't heard back but it's only been a week. First payment is due on 9-14 for the same $183 that was set up on my rehab. Nothing on CR's yet either.

 

One annoying thing is if I log on to check my loan I see this

"Your last payment in the amount of $147.17 was received on 07/15/2011. Your next payment is due on 09/14/2011 in the amount of $183.00. "

 

So the collection agency that handled the rehab was taking about $36 a month.

 

cfinkman, Did your CR's update just after your first 'real' payment was due? Just wondering if maybe I wont see an update till after the 14th sometime.

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
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Re: Student Loan Rehabilitation And The Effect On Tradelines

I made my 9th payment July 1st. About 3 weeks later I got a letter from my new lender with my new payment amount and due date. Soon after that letter, all the collection accounts listed on my report got removed and my score jump about 40 points. The old tradelines still remain with all the lates in them.

 

I just made my first payment to the lender, payment went down 100 dollars but the new tradeline has not shown up on my report yet.

 

Rehabbing my loans got my scores into the 600s..

Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
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Re: Student Loan Rehabilitation And The Effect On Tradelines

[ Edited ]

tooleman694 wrote:

I made my 9th payment July 1st. About 3 weeks later I got a letter from my new lender with my new payment amount and due date. Soon after that letter, all the collection accounts listed on my report got removed and my score jump about 40 points. The old tradelines still remain with all the lates in them.

 

I just made my first payment to the lender, payment went down 100 dollars but the new tradeline has not shown up on my report yet.

 

Rehabbing my loans got my scores into the 600s..


Woohooo...  Congrats on the increase.  It sounds like you are certainly on your way with getting all of the negative history replaced with a better history.  One thing you may want to consider though.  I know your payments went down by 100 a month, but you may want to just send $50 over each month.  It will make a big difference in the long run with regard to the interest if you are able to do that.  (or send the extra $50 to some other loan that you may have which has a hire interest rate than the student loan).  I know a lot of times it seems like it's not much, but I am one to tell ya that every little bit will help.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

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Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Im saving for a car right now, so that extra 100 is going toward that down payment ill need once I get my score up enough.. in a few months it will add up..

Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
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Re: Student Loan Rehabilitation And The Effect On Tradelines


tooleman694 wrote:

Im saving for a car right now, so that extra 100 is going toward that down payment ill need once I get my score up enough.. in a few months it will add up..



Absolutely..  great plan.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750
Established Contributor
FicoTron
Posts: 512
Registered: ‎01-27-2011
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Re: Student Loan Rehabilitation And The Effect On Tradelines

tooleman694 - who was your original lender for your loan, and who picked it up?  i'm just curious because it seems that some will remove all negative info, and like you in your case, some don't. 

 

tburns - i'm not sure, i just looked at my reports one day a few weeks ago and all of the negs are still reporting as collections for the full amount, then the positive one is there for the full amount.  I am scared that they are going to leave the negative late payments on and just nix the collection status, like they did for tooleman694.

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Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
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Re: Student Loan Rehabilitation And The Effect On Tradelines


FicoTron wrote:

tooleman694 - who was your original lender for your loan, and who picked it up?  i'm just curious because it seems that some will remove all negative info, and like you in your case, some don't. 

 

tburns - i'm not sure, i just looked at my reports one day a few weeks ago and all of the negs are still reporting as collections for the full amount, then the positive one is there for the full amount.  I am scared that they are going to leave the negative late payments on and just nix the collection status, like they did for tooleman694.


Just as there was some inconsistency in the intepretation of the statues here on the board (myself included), it seems there are some inconsistencies in the intepretation of the statues amongst the different financial institutions that provide student loans.  I don't think it is even cut and dry within the institutions either as you can get a different answer depending on who you speak with.  It's fantastic for the ones that have been able to get all of the baddies removed from their report, but a little less sweet for the ones that were only able to get the status changed after rehabilitation.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750

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