Reply
Regular Contributor
Legions36
Posts: 207
Registered: ‎06-29-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines


Bill2265 wrote:
Thanks for the update Legions! That's great man. I'm still waiting for my dispute. Hopefully it comes back deleted. So are you finished with the process now?

Yeah I think I'm done with the process. I don't start my 1st payment until next month with the new lender. The only thing that is on there is the lates from Nelnet which is only a few and its showing paid as agreed so I don't think it is having that much of a negative impact, the plus side is that gets to come off in March 14.

As long as you did your dispute I think it will work itself out and give it about a full month to really show up right. I'm getting the feeling that each week my score jolts up close to 30 points, so next week if I have any sudden increases I will post it so u know. 

All I know is i'm so excited for my credit report to be clean from any baddies, which next month I can request my last baddie to be removed when it hits the 7 year mark and then I think i'm scott free with my rebuilding. 

(Fico Equifax-721 11/19) (Fico Experian-729 11/14) (Fico Trans-691 11/4)
NFCU(10k), USAA(6k), DCU(10k), Sapphire(5k), Duck(5k), Freedom(3k), Quicksilver(3k), DiscoverIT(1500), AmexBCE($800), Orch Bank($400)
Established Member
asgor
Posts: 18
Registered: ‎08-17-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

any word on how the disputes went?

 

Established Member
asgor
Posts: 18
Registered: ‎08-17-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

My taxes were offset!  I called IRS and they said to call DEPT of ED. Well the DEPT OF ED has no idea why they were offset since I was clear to file when I did. So I am being told it will be 3-4 weeks before I see my income tax :-( Well I waited this long ....

New Member
antjones21
Posts: 3
Registered: ‎07-29-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hey guys I don't know what to do.i finished my rehabilitation program on 6/25, the new lender Fed loan picked up my loans on 7/15 abs dept of Ed told me it would be between 30 to 60 days for it to show up on my credit. Yesterday I paid $60 to check all 3 scores and the Experian report had been updated removing the old negative accounts and added the new Fed loan. But equifax and transunion had not updated. What do I do now, wait and pay again in a week or just dispute the info on the other two reports? I really want to get pre approved asap but I can't until one more score goes above 640.
Community Leader<br> Established Contributor</br>
Community Leader
Established Contributor
SCF
Posts: 990
Registered: ‎06-09-2008
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

I'd at least wait the full 60 days before taking any other steps.  Have you pulled your reports using annualcreditreport.com in the past 12 months?  If not, that will give you a free pull on each CRA.  You could also sign up for CreditKarma to keep an eye on changes to your TU report.

 

Disputing the old loans won't make the new tradeline show up any faster, and depending on the rest of your report and how old the negative information is, the biggest score boost may actually come from that clean, backdated tradeline.

Valued Member
klondike
Posts: 111
Registered: ‎09-05-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hello,

 

I started rehab in June and will be done on Feb 15th 2014. I am looking to buy a house in the spring and was wondering how long it will take once complete with rehab before the negative items drop off and scores improve.

 

I'm hoping that they can send me a letter stating that I have been paying on time that I can give to my mortgage gal.


Starting FICO EQ Score: 597
Current FICO EQ Score: 664
Goal FICO EQ Score: 750


Take the myFICO Fitness Challenge
Community Leader<br> Established Contributor</br>
Community Leader
Established Contributor
SCF
Posts: 990
Registered: ‎06-09-2008
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

klondike, once your complete your 9 on-time payments, the first step is to wait for a servicer to pick up your loan(s).  This step can take anywhere from a few days to several months, but it seems to be happening quickly for most people recently.  After that, you'll need to wait 30-60 days for the new servicer to report and about that long for the other reporting on your account to be updated.  I think you will be able to get some kind of indication that you have completed rehab to give to your mortgage lender, which should definitely help if they manually review your file before all the changes have been completed.

 

Rehab provides the greatest improvement to your credit, but it is definitely a waiting game and requires patience and diligence to complete.

Valued Member
klondike
Posts: 111
Registered: ‎09-05-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Sorry if thisis already answered, but this is a 65 page thread :smileyhappy:

 

Were the penalties and interest added on by the collection agency removed when you completed rehab?


Starting FICO EQ Score: 597
Current FICO EQ Score: 664
Goal FICO EQ Score: 750


Take the myFICO Fitness Challenge
Valued Member
klondike
Posts: 111
Registered: ‎09-05-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Thanks for your quick reply!

 

It's my own fault for being stupid as I make 145k a year or so, but it's really good to know the bad data will be replaced and I should be able to get into a house I own instead of rent early next year.


Starting FICO EQ Score: 597
Current FICO EQ Score: 664
Goal FICO EQ Score: 750


Take the myFICO Fitness Challenge
Valued Member
klondike
Posts: 111
Registered: ‎09-05-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Thanks for the info!

 

I believed I read that the penalties and interest added on by the collection agency removed when you completed rehab. Can someone please confirme this is true?

 

My loans are with Direct Loans if that helps.


Starting FICO EQ Score: 597
Current FICO EQ Score: 664
Goal FICO EQ Score: 750


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+