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Established Member
JBinBigD
Posts: 22
Registered: ‎05-23-2009
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

[ Edited ]

Mine took much longer than 90 days.  My last rehab payment was Nov '12 and my CR just updated this week.  That's about five full months. 

 

The new tradeline appeared about a week after the end of my third billing cycle with the new servicer, AES.  TU and EQ credit scores both jumped about 50 points.  Experian still hasn't updated yet.

 

Well worth it though.  My credit score started below 600 late last year and by paying down my credit card balance and rehabbing my student loan (as well as making all other payments on time) my scores have gone up to about 660-680.  It takes time.

----------------
Equifax: 669
TransUnion: 681
(Jan 2013 = 595)
New Member
bglynn07
Posts: 3
Registered: ‎05-16-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Hey has anyone had any expierence with progressive financial? My ninth payment will be on may 28th. My wife and I have a 10 month old baby and really need to get out of our apartment and into a house. I qualify for a VA Loan but need my Direct Loans from the department of education brought out of default.

 

As of now i have one loan reporting on transunion for the full amount of the four seperate loans.

 

ex is reporting five negatives the four seperate loans with their amounts and one more account with no ballance also department of education.

 

eq just reports the 4 loans as negative accounts.

 

All three CRA report them as collections. I need to figure what credit score reporting sites are actually acurate. I have been working on my credit since november and once these are removed there will be two negative accounts left that the creditors refuse to remove even through they are paid.

 

My other concern is that these loans i have had since 1997 so will this rehabilitation removes those dates and say I have just paid the accounts on time and that they are only 9 months old? or will they say they have been in good standing since 1997?

 

Also what site to i need to get an accurate score from? transunions site say its 718 but usaa says tu is at 655. go figure usaa also has my ex at 581 and my eq at 598.

Is there any hope for me to be looking at houses with a pre approval by late August?

 

I will keep the forum posted as each thing happens and what changes occured. Thanks everyone

Established Contributor
InvincibleSummer3
Posts: 640
Registered: ‎11-20-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines


bglynn07 wrote:

Hey has anyone had any expierence with progressive financial? My ninth payment will be on may 28th. My wife and I have a 10 month old baby and really need to get out of our apartment and into a house. I qualify for a VA Loan but need my Direct Loans from the department of education brought out of default.

 

As of now i have one loan reporting on transunion for the full amount of the four seperate loans.

 

ex is reporting five negatives the four seperate loans with their amounts and one more account with no ballance also department of education.

 

eq just reports the 4 loans as negative accounts.

 

All three CRA report them as collections. I need to figure what credit score reporting sites are actually acurate. I have been working on my credit since november and once these are removed there will be two negative accounts left that the creditors refuse to remove even through they are paid.

 

My other concern is that these loans i have had since 1997 so will this rehabilitation removes those dates and say I have just paid the accounts on time and that they are only 9 months old? or will they say they have been in good standing since 1997?

 

Also what site to i need to get an accurate score from? transunions site say its 718 but usaa says tu is at 655. go figure usaa also has my ex at 581 and my eq at 598.

Is there any hope for me to be looking at houses with a pre approval by late August?

 

I will keep the forum posted as each thing happens and what changes occured. Thanks everyone


You probably shouldn't worry about scores until you're sure the tradelines on your credit report are updated. You can get a FICO score here for TU and EQ but EX isn't available just yet, although apparently it's on the horizon. Read the section on this thread called "FAKO, FICO, HUH?"

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Your-Guide-to-Credit-Scoring/m-p/718550

 

Your tradelines will report as paid in good standing from 1997 forward. Pretty good, really! (Well, I should say that's how they SHOULD report. Sometimes there are potholes on this road....) Depending on what else is on your report, you could be in decent shape by August.

New Member
bglynn07
Posts: 3
Registered: ‎05-16-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

thanks for the information. Its a pretty big roller coaster when the same reporting company has a drastic difference in the score. I am really hoping that these go off an on smoothly and having a almost 16 year account reporting timely payments should give me the bump i need. everything else on my report is paid off. and i have a credit card i have paid on time for 6 months and a car loan that i have paid on time for 4 months so i hope the scores are in the 660 range and i can just move and be less stressed about it

Established Contributor
InvincibleSummer3
Posts: 640
Registered: ‎11-20-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines


bglynn07 wrote:

thanks for the information. Its a pretty big roller coaster when the same reporting company has a drastic difference in the score. I am really hoping that these go off an on smoothly and having a almost 16 year account reporting timely payments should give me the bump i need. everything else on my report is paid off. and i have a credit card i have paid on time for 6 months and a car loan that i have paid on time for 4 months so i hope the scores are in the 660 range and i can just move and be less stressed about it


You might also head over to peruse the Mortgage forums as well. The posters there are great at taking a look at your overall financial picture and offering advice.

Established Contributor
kjel
Posts: 539
Registered: ‎11-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines


bglynn07 wrote:

Hey has anyone had any expierence with progressive financial? My ninth payment will be on may 28th. My wife and I have a 10 month old baby and really need to get out of our apartment and into a house. I qualify for a VA Loan but need my Direct Loans from the department of education brought out of default.

 

As of now i have one loan reporting on transunion for the full amount of the four seperate loans.

 

ex is reporting five negatives the four seperate loans with their amounts and one more account with no ballance also department of education.

 

eq just reports the 4 loans as negative accounts.

 

All three CRA report them as collections. I need to figure what credit score reporting sites are actually acurate. I have been working on my credit since november and once these are removed there will be two negative accounts left that the creditors refuse to remove even through they are paid.

 

My other concern is that these loans i have had since 1997 so will this rehabilitation removes those dates and say I have just paid the accounts on time and that they are only 9 months old? or will they say they have been in good standing since 1997?

 

Also what site to i need to get an accurate score from? transunions site say its 718 but usaa says tu is at 655. go figure usaa also has my ex at 581 and my eq at 598.

Is there any hope for me to be looking at houses with a pre approval by late August?

 

I will keep the forum posted as each thing happens and what changes occured. Thanks everyone


Once you complete rehab you may be picked up by a new servicer or it may go back to the OC. For me personally, I was picked up rather quickly and they started reporting within 30 days. The updates to the Dept of Ed TLs have been another thing altogether. I had the two original TLs (subsidized & unsubsidized) show as "closed, transfered, $0 balance" with subsequent collection account TLs for the previous balance on the original TLs plus fees. 60 days and two reporting dates later, I disputed the collection account TLs since I received a letter from Dept of Ed saying that the defaults will be removed from the CRAs. EX & EQ deleted the collection accounts TLs, TU's dispute investigation is pending. The lates on the original TLs did not come off, but the new servicer's TLs are showing an origination date that matches the original TLs.

 

Different people have seen different results.


Starting Score: TU: 549 | EQ: 549 | EX FAKO: 541
Current Score: TU: 664 | EQ: 722 | EX: 722
Goal Score: 720s All Around!
Last HP 11/10/2014

Established Member
StazzyBoo
Posts: 30
Registered: ‎08-29-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

[ Edited ]

Got super good news for second time this week. I was ready to give up because my old servicers refused to remove "Student loan assigned to govt; claim filed with government" and "120+ days past due" status, they told me they were not required to remove it because I didn't rehabilitate through them, I fought them for months with no luck so I decided to try to dispute them all, meanwhile I contacted Ombudsman office about 2 weeks ago, I sent the lady my rehab letters and copies of credit report. 2 of the 3 servicers (Fed Loan Servicing, Xpress Loans/AES) updated yesterday and today to "paid as agreed", "Student loan assigned to govt; claim filed with government" and "120+ days past due" statuses are now gone. I can't wait till dispute is over because than these accounts will report all positive, when accounts are disputed it doesn't connect to your credit score/report which made my score drop by 16pnts, so when the dispute is done I should see a good rise in credit score +16 pnts I lost, my score is 623 rights now +16pnts +additional points will all positive reporting so I should past 650's, I will finally be able to move out of my apartment-because my credit score was so bad before a an apartment that was $200 less month than our current place wanted $3000 deposit, had my score been 650, it would have be only $550 deposit, and verizon wanted 600 deposit to get cell phone, I can't wait till I won't have to deal with all that **bleep** anymore, anyway I went wanted crazy deposits or I would simply not qualify. Now just waiting for one more servicer to update-ACS/Dept of Ed. I also sent over 50 emails for goodwill letters to get lates removed, I had one response from email I sent to the CEO/VP of ACS, he forwarded it to their operations manager who contacted me and they are looking into possibly getting the lates removed, I hope I get lucky.

 

And Dept of Ed finally updated the report, and it shows paid as agreed instead of "collections" and all lates were removed so it looks like I have been paying on time since 2008! Which made my score jump up 20pnts :smileyhappy:

 

I also paid my credit card off, so when it reports on 27th it will have 0 balance which will my score jump by a lot :smileyvery-happy:

Aug 2011: EX: Below 500's EQ: Below 500's TU: Below 500's
April 2013: EX: 561 EQ (myFICO): 606 TU: 614
May 2013: EX: 689 EQ (myFICO): 623 TU: 615
June 2013: EX: 712 EQ (myFICO): 659 TU: 649 EQ Direct: 576

Finished rehab August 2012. Equifax no longer shows any deliquency, Experian has one deliquent account, and Transunion has 2 reporting.
Established Member
StazzyBoo
Posts: 30
Registered: ‎08-29-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

wowza! Just checked my experian credit score and report, my score on 4/5 was 561, and today it is 689! That is 137 point jump in one month! My dept of ed loan finally took off collections and showing paying on time since 2008, and 2 of 3 servicers updated to "paid as agreed" (it was "loan perm assigned to govt, claim filed with govt" and "120+ days past due" before). Not to mention because these specific tradelines are all being disputed, once it's done disputing (around June 10th) my score will jump up even more and my credit card will report 0 balance on 27th so that will help even more :smileyvery-happy: I am overjoyed right now!

Aug 2011: EX: Below 500's EQ: Below 500's TU: Below 500's
April 2013: EX: 561 EQ (myFICO): 606 TU: 614
May 2013: EX: 689 EQ (myFICO): 623 TU: 615
June 2013: EX: 712 EQ (myFICO): 659 TU: 649 EQ Direct: 576

Finished rehab August 2012. Equifax no longer shows any deliquency, Experian has one deliquent account, and Transunion has 2 reporting.
Established Contributor
kjel
Posts: 539
Registered: ‎11-27-2012
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Way to go Stazzy!


Starting Score: TU: 549 | EQ: 549 | EX FAKO: 541
Current Score: TU: 664 | EQ: 722 | EX: 722
Goal Score: 720s All Around!
Last HP 11/10/2014

Established Contributor
DaniBananiie
Posts: 990
Registered: ‎03-09-2013
0

Re: Student Loan Rehabilitation And The Effect On Tradelines

Do you think I should dispute the late payments that show up on my credit report? I'm sure that'll push me to the 730+ plus club, instead of being stuck at 715..
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