Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Hi all,
I just set up my account here on myfico because I noticed there are a lot of peope who are in the same student loan rehab boat that I'm in. I was trying to figure out how much of a bump my fico score would get once I have completed the program. my last payment is in July and I can't wait to make it. It has been quite a tough journey but I'm almost at the end of it. I have been trying to fix my credit for a few years now but its rough. I look at my score and it is disheartening to say the least. On a positive note though I will have all my credit card debt paid of in the next week or so and I know that will have a very postive impact on my score but there are 8 tradlines on my report from student loans and their all negative. Needless to say those loans are obviously whats impacting my score the most. Anyone got any advice or good info on what I can expect. I know certain things will be removed but does anyone have some solid numbers?
FicoTron,
Reading all of your posts on this forum have been a great inspiration to me. My credit is embarrassing to say the least and I am currently in the Student loan rehab through Windham professionals. My 9th payment will be coming out in July and I truly hope that it gives my fico score a significant bump. I have 6 negative student loan tradelines dating back as far as 2004. They are by far the most negative items on my credit reports. This is the first forum I have come accross where there are lots of people in the same boat as me and I truly appreciate you starting it.
First off...FicoTron...congratulations on your achievement. What a wonderful feeling it must be to have that all behind you and your score jump so much. Have fun with that AMEX! 
I decided I would post my info to help and to hopefully be helped too.
My student loans (3) were originally with AZ Educational Loan Market Corp. (also known as SW Student Services). They started in September 2004 and reported as paid until October 2005, at which time the accounts were sold to Sallie Mae. They were reported to EQ & TU, but not EX. The statuses say "transferred or sold" and $0 balance. No derogs.
Sallie Mae picked all three up and from October 2005 until March 2007 it shows paid on time. In April 2007, that is when I dropped the ball and missed payments. Sallie Mae reported to all three CRA's that loan balance is $0 and they were "transferred or sold." On TU also shows as "debt being paid through insurance" (not good). All are showing my derogs (120 days). 
USA Funds picked up all three loans from SM and reported my derogs until I rehabbed with them last year. All three accounts were reported to all three CRA's. All show $0 balance and as "paid collection," but they all show my 120s.
Since my rehab, I am with Direct Loans and there are two loans that are showing as student loans and being paid as agreed; however, they are only showing on my EQ & TU, not my EX (which would explain why my EX score is lower than the other two).
With Sallie Mae I have heard that it is a lost cause. I emailed (today) the president of USA Funds asking for a GW removal of tradelines or all negatives and received a response back in a couple of hours letting me know that he has forwarded my information to one of his staff to look into and that I should hear back in a few days. (Fingers crossed on that one!)
If anyone has any suggestions or ideas on what else I can do to clean this up, I am very open!! Especially in regards to Sallie Mae, as this is the one that I really don't know what to do with.
Thank you in advance!!
***Update***
So, yesterday I emailed an exec at USA Funds asking for a GW removal of all my derogs. Within a couple of hours he responded letting me know that he was forwarding my info to one of his staff members to research my account and that they would get back to me. I honestly thought I was probably getting the "shooo" from them. This morning I woke up and had this email in my inbox:
"In consideration of your student loan repayment history, and the fact that your loan is now in good standing, we have made an exception, and we are in the process of removing the default notations on your credit reports.
We assume that the lender of your loans, an affiliate of Sallie Mae, has also placed default notations on your credit reports as well. We have no authority over Sallie Mae’s decision, since they are a separate company, but we put in a request on your behalf. We understand that the individual authorized to make such a decision is out until Thursday. When we hear something, we will let you know, or you can contact them separately.
In the meantime, if you have questions, feel free to call (name), at (phone number), who is our vice president of FFELP operations.
Good luck."
I am on cloud nine!! Not only are they going to update all three tradelines on all 3 CR's, but they are forwarding my request to Sallie Mae! Woo Hoo!! I do not hold my breath for SM, but the fact that USA Funds did that was amazing in my book.
Thank you to everyone on this forum. Had it not been for me reading of others success stories and strategies on here, I would have never sent the email.
freshtalk wroteI made my 9th payment on 4/6. I called Direct Loans on 4/16 to check on the status, and they said they will send out a request to remove all negative info from the CRAs and any garnishments. They said to allow up to 2 months for it to update with the CRAs, hopefully it's sooner than that.
Today I noticed all my bad DOE tradelines have been removed from Equifax! I assume Experian and TU will soon follow. So it took about 3 weeks for it to get processed from when I called.
Question for the other Direct Loan rehab people: How long will it take for the new tradelines to show up? Or will I have to wait for a lender to officially pick up my loans? (no lender has yet)
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