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Valued Member
ch8ngeurstars
Posts: 25
Registered: ‎05-04-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines

UPDATE....

 

      You will notice below that i have updated my scores. In particular I have updated my FICO which has increased exactly 83 pts to date. 83 PTS!!!! WOOHOO!!! Thats just the first increase. There are still two tradelines that need to be removed off my Equifax CR so I'm hoping for another jump at the end of this month. My original lender was Sallie Mae. Then my loans were bought and consolidated by AES (American Education Services). So in answer to apandabears question, not only did the AES TL's get removed but also the Sallie Mae ones. More to come at the end of the month. My update will probably be later than that because my wife and I are moving to Florida so we'll be kind of busy but I will definitely update you guys in the early part of December. :smileyhappy:


Starting Score: 435 EX(Fako)508 EQ(Fako)508 TU(Fako)522
Current Score: 521 EX(Fako)550 EQ(Fako)546 TU(Fako)525
Goal Score: 750 Across the board!

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Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Congrats to you! I just got information that my loan is suppose to be transfer to new lender on November 19. Praying that I have the same success as you did! No changes on credit reports yet. My loan was with Edfinancial, then HESC to over the loan and I just paid my 9th payment in October. Hopefully by the end of the month I see a change.
Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
apandabear
Posts: 200
Registered: ‎03-15-2012
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Re: Student Loan Rehabilitation And The Effect On Tradelines


ch8ngeurstars wrote:

UPDATE....

 

     My original lender was Sallie Mae. Then my loans were bought and consolidated by AES (American Education Services). So in answer to apandabears question, not only did the AES TL's get removed but also the Sallie Mae ones. More to come at the end of the month. My update will probably be later than that because my wife and I are moving to Florida so we'll be kind of busy but I will definitely update you guys in the early part of December. :smileyhappy:


Wow, you're having better luck with the Sallie Mae tradelines than I am.

 

I noticed today my original Sallie Mae TL on my Experian report was altered a bit. Status changed from the default/paid by gov't to "Transferred/Closed." I pulled my annual free report to see the full payment history (USAA only shows 2 years) and they had NOT changed the payment history. BUMMER. But I was prepared for that anyway.

 

 

 

And time for something strange!

 

 

I got a letter from USA Funds (dated Nov 1) congratulating me on finishing rehab, yadda yadda, we have a new lender for you, blah blah... It's ACS...

 

ACS??!?! What? I just made a payment to Sallie Mae. They are reporting on my new loans. Even NSLDS is showing Sallie Mae as the lender. 

 

Color me confused. 

 

So unless ACS sends me something, I'm going to ignore that. How weird. Did someone get their lender codes mixed up when filling in my robo-letter??

 

But all in all, slow progress with the TLs. I'm happy to be done with rehab, and glad my loans were picked up so quickly. Currently paying $20 over the minimum just as an interest cushion, plus it's closer to what I was paying the collection agency. 

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
New Contributor
ash4life
Posts: 52
Registered: ‎11-19-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hey, Pitch!! 

What kind of student loans did you have? I had it with Citibank, defaulted, then Sallie got it, defaulted, the the dept of ed has it and I'm doing the rehab now and have 5 months to go.What exatly did they get rid of in your trade lines? I'm hoping my score gets up high enough to get a mortgage in spring or ealry summer. How may points did you jump?

Thanks, Pitch!!

Established Contributor
kjel
Posts: 500
Registered: ‎11-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

This thread is a great wealth of info and I am glad to have found it. I am in the middle of rehabilitating my Direct Loans which are currently being serviced by CBE Group. So far the payments have been posting ($50/month on $100K) and finally I see them on the myeddebt.com website since the payments go to DOE. Hoping that I get a boost in score once the loans are rehabbed and picked up again by Direct Loans. I still have a big hill to climb with my credit due to the one-two punch of being unemployed last year and an uninsured cancer diagnosis last year but little by little as they say. Thankfully, this year has been much better-healthy and employed :smileyhappy:


Starting Score: TU: 549 | EQ: 549 | EX FAKO: 541
Current Score: TU: 669 | EQ: 719 | EX: 711
Goal Score: 720s All Around!
Last HP 9/16/2014

Frequent Contributor
Kathy4NU
Posts: 279
Registered: ‎07-09-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Kjel, Your story is similar to mine.  I just made my 6th payment to CBE group.  I finish up in February.  I also had cancer and was uninisured.  Luckily, I beat it and now private pay my insurance to be sure I never get in that situation again.

 

My loans are slightly higher than yours at $120,000 but my payments are much much higher than yours at $1248 a month.  I have three payments left.  It is being reported on 4 tradelines which is completely inaccurate - I only have two loans as I consolidated them 8 years ago.  CBE said that Dept of Ed would make sure to delete the two duplicate and erase all lates etc once I am done with rehab.  I was going to contest them with the credit bureaus but decided against it since it really wouldn't make a difference until the rehab was done anyways.



June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
New Contributor
cem13
Posts: 59
Registered: ‎07-20-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

I have an update. I have a new servicernow and made my first payment to them. The NSLDS has me in "repayment" status. I called DOE again and requested a manager. The first line Customer Service person was completely inept.

The manager looked up my file and confirmed 1) that i re-habbed and havw been picked up by a new servicer and 2) the NSLDS does not show default. Great news right? WRONG.

She has to send a note to the default group to get it confirmed. Im not kidding that is what she said. It takes up to 10 days.

I asked her for this groups phone number and she said that they dont accept calls from internal or external sources.

Now i am really angry. I snapped and did my whole "i love my country but hate my government" routine and "we are intelligent people why cant we elect leaders who will fix issues like this" and "does any of this make sense to you? because it doesnt to me." She admitted that she knows the system is broke but she is only "one" person and most people at DOE are typical civil servents: all they care about is a payceck. They dont care about us.

That made me feel better but the problem remains: i have trade lines showing "paid in default: closed". So the epic battle of good vs evil continues. Can Evil wear down the Good until they give up? Or will Good keep the faith and continue to fight on and never surrender? the answer may be known on the next episode of The Government Sux.
MyFICO '08: AUG2014: EQ=707, TU=693, EX=711
MyFICO '08 JUN2014: EQ=700, TU-688
MyFICO JAN2014: EQ=704, TU=720, EX=708
MyFICO MAY13: EQ=701, TU=708, EX=705 (Lender Pull).
MyFICO JAN13: EQ=701; TU = 677) 2 years after filing BK7, 18 months after discharge in JUN11
MyFICO (SEP12: EQ=677; TU=670) 16 months after discharge BK7.
MyFICO (JUL12: EQ=671) 13 months after BK7.

Wallet: NFCU Rewards: $25K; Cap1 QuickSilver: $2250; Barclays Apple Rewards: $2000; Cap1 Rewards: $1500.
Established Contributor
bahbahd
Posts: 731
Registered: ‎08-12-2011
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Why can't Nelnet be good to past trade lines? Rehabbed or not, they do not adjust any previous history.

New Contributor
cem13
Posts: 59
Registered: ‎07-20-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Final Update:

 

Today I spent over 2 hours on the phone with DOE.  Here is what I have.  I had 3 loans in 2005.  I defaulted in 2009.  DOE Default Services Group takes control of defaulted loans.  They are responsible for collection, so they add a second set of tradelines for the collections portion.

 

After the 9th payment, the collections tradelines were removed.  I was picked up and now pay a servicer.  The original tradelines are now being reported at "Paid in collections" with all the key derogs.

 

So that is it.  I am not sure how some people get both tradelines deleted but only the collections tradelines are supposed to be deleted.

 

On a good note, there was an error on a tax lein that I disputed.  The lein was from Jan 2010 and paid in June 2012.  Instead of fixing the error, they just deleted the tradeline.  FICO score jumped 15 points.

MyFICO '08: AUG2014: EQ=707, TU=693, EX=711
MyFICO '08 JUN2014: EQ=700, TU-688
MyFICO JAN2014: EQ=704, TU=720, EX=708
MyFICO MAY13: EQ=701, TU=708, EX=705 (Lender Pull).
MyFICO JAN13: EQ=701; TU = 677) 2 years after filing BK7, 18 months after discharge in JUN11
MyFICO (SEP12: EQ=677; TU=670) 16 months after discharge BK7.
MyFICO (JUL12: EQ=671) 13 months after BK7.

Wallet: NFCU Rewards: $25K; Cap1 QuickSilver: $2250; Barclays Apple Rewards: $2000; Cap1 Rewards: $1500.
Established Contributor
kjel
Posts: 500
Registered: ‎11-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

@Kathy4NU: I am glad that your health is on the mend too. Thankfully I now have employer based coverage with no exclusions for the pre-existing conditions now and supplemental disability insurance that I can take with me if I leave the employer. After CBE basically stalked me for a few weeks without leaving messages, I received a letter from them that they had picked up the loans from DoE. They were pretty easy to deal with and offered me $12/month for 9 months based on my last year's tax return and change in family status (new husband and new baby!). That felt a little chintzy since I have a decent income now to $50 it was. I am hopeful that the post rehab process will go smoothly and the DoE lines go to a paid never late status. Keep us updated on how they perform on this end!


Starting Score: TU: 549 | EQ: 549 | EX FAKO: 541
Current Score: TU: 669 | EQ: 719 | EX: 711
Goal Score: 720s All Around!
Last HP 9/16/2014


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