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I just made my 9th payment on a student loan rehab, don't want to be too specific but with interest and fees I now owe around 23k. My loans were federal direct loans and the first one goes back to 8.5 years ago. The CA that inherited my defaulted loans was FMS. Now its just a waiting game to see how everything is handled with the CRA's. In Feb. I had an eqfico of 541 and its now 602, really hoping for a significant increase so I can buy a house, also needing to get out of CAIVERS system. Hopefully since FMS never reported to the CRAs and my loans are federal this will all clean up nicely. Anyways ill update as I get more info, this thread has been an inspiration and wanted to add a newer experience to the thread.
I should note my credit increase was due to other activity, I have no idea what my increase for rehab will be.... crossing fingers.
Thank you for sharing, I mean it!! Nicely done.
I am in my 3rd month of rehab. This thread has given me hope, I fixed every other baddie and besides SL's i have 3 new positive TL's on my report., When the SL's report as a positive I think I just might pass out!!!!
I went from low 520s 18 months ago to 720-740 now.
It's been a year since I finished rehabilitation...did it for 18 tradelines through 3 different servicers for a debt totalling $92K. Such a horrible nightmare, but it's finally over.
I got all of the credit cards listed in my signature in January of 2014, and they just keep raising my credit limits even though I never carry a balance, and usually make payments several times per month.
I will never get myself into a financial mess again. I just refuse. I run pretty much everything through my cards for the rewards, but I will not carry a balance. Ever.
Congratulations, krissyboo! Seeing the derogs fall off your report and your score shoot up is pretty damn satisfying. I would definitely recommend trying some of the other things I had listed too. When combined, the effects of everything can really add up to a nice result. Best of luck and make sure to report back!
Great to know! Thanks!
Dept of Ed and their servicers sell loans on the 10th of the month. So schedule your payments before the 5th so they are posted in Dept of Ed system before then to be eligible for that months sale.
After your 9th payment, call servicer or CA you are rehabbing with, speak to supervisor, and ask them to manually review your account to verify all payments are posted , and all supporting docs are scanned into the dept of ed system. If all of this is done you should have new servicer within 10-14 days after your last pymt.