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Student Loan Rehabilitation And The Effect On Tradelines

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Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

It's been awhile since I posted because nothing has changed much. I rehabed 12/21/14 I was picked up 1/5/15 by FedLoan which still hasnt reported to CRA yet  Smiley Sad  I spoke with them and they did say sometimes it takes 90 days. So I am expecting them to report this month sometime. I will keep everyone posted on the outcome and score increase.   Till then... I am watching my paint dry -_-

Good Luck to everyone.... 

Message 851 of 880
Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

It took just about 90 days for them to report my rehabbed TLs also. I had 50-90 pt jump once mine reported though. You'll likely have a pleasant boost by this time nex,t month.
Message 852 of 880
Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Who was your original lendor?  Did your old TLs fall off?

Message 853 of 880
Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Mine were direct loans disbursed directly from US Dept of Ed. My original TLs hadfallen off several years ago, and at the time I rehabbed I did not have any open TLs at all. Just a few CA accts and a judgment from around 2008-2009.

In about 6-7 months all of my scores have gone from mid 500s to low 700s. Mostly from SL rehab and two new revolving TLs.
Message 854 of 880
Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Minor Update:  I spoke to CSR from Navient.  She says since the loan was only picked up last week she has no information on how the payment is calculated.  She did push my first payment back to 4/21 from 4/1.  I had been paying on the 21st in rehab, so it looks like I'm going to skip a payment.  Still no changes in TLs.  Hopefully something will  happen soon.  I'm anxious to see what my scores will be with a new 8yo tradeline with a perfect payment history.

Message 855 of 880
Gracie_217
Valued Member

Re: Student Loan Rehabilitation And The Effect On Tradelines

For who to report? the old loan or the new?  I was picked up 12/15. this month will be my 4th payment to Navient.. Old lines show closed paid as agreed. No score increase.

Message 856 of 880
Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Hey ClimbingOnUp... I seen that you were going thru Fed Loans as well... they said that they will adjust my payment after 90 days I believe it is increasing in order to have it paid off within 10yrs. My question is did they do that to you as well? I was told by them that once they sent me out my new Repayment that it would be reported... She stated that it was going to be this month. I have made 3 mthly payments to Fed Loans already 1/5, 2/5, 3/5 and still havent been reported Smiley Sad Its driving me insane... My old original 4 TL's from Wells Fargo I believe showed on my report that they were sold to the Dept of Ed... I still believe the people who it was sold to (Dept. of Ed) still have me as past due 120 days showing up on my reports... I contacted the Dept of Ed to have them remove the fact that I was in Default they said they put in a request in that day that we spoke. So hopefully that will be removed then Fed Loan can report my new TL's with them,  which should date back to the orginal loan which was 2004 & 2005... I currently have a 670 with Transunion, 654 with Equifax and a 635 with Experian And I believe my Fico score is a 657.  So I am looking for a nice increase to all my scores, especially with the new tradelines, and then them dating back to 2004 & 2005 that should definitely help my AAoA which should give me a nice boost... (crossing my fingers)  But we will see... I am waiting... Just NOT patiently thou... Smiley Happy 

Message 857 of 880
Anonymous
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Re: Student Loan Rehabilitation And The Effect On Tradelines

Hi Coco--yes once Fedloans begins servicing your loans you have 3 months to choose a repayment plan. During those 3 months your payment is the same as during your rehab. If you do not choose a repayment plan they will put you on a standard repayment plan which calculates your payment so that it is paid off in 9 yrs. You already used 1 yr during your rehab and the first 3 months when Fedloans acquiired your loans. You may have other repayment options such as extended, graduated, or any if the IBR options. Once you choose a repayment plan it takes 60-90 days for them to report to the CRAs, And yes, the TLs are aged from the original disbursement date. You should see a decent score increase, but its different for everyone. Those with more baddies or few open and current TLs tend to see bigger score increases. AAOA may go up too. Personally I got 60-90 pt score increases across the board. Yay!!

One warning with FedLoans: keep an eye on how they calculate your interest. I've had some problems.

Goodluck!
Message 858 of 880
Anonymous
Not applicable

Re: Student Loan Rehabilitation And The Effect On Tradelines

So finally done with the loan CRA'S dance. I started rehab feb 2014, so 13 months to get four new tradelines and all the derog lines removed, EX took an extra month. My score in feb 14 was 541 EQ, now I'm at 689 EQ, 693 TU, and 698 EX... if you dispute federal ford direct loans after rehab it's 90%+ likely they will remove the defaulted tradelines, don't lie just tell the cra's you completed federal rehab, Goodluck if u have a CA also reporting negatively.
Message 859 of 880
Anonymous
Not applicable

Re: Student Loan Rehabilitation And The Effect On Tradelines

Update - It looks like the $400 per month payment was an error.  However, when I first saw it I applied for the graduated payment program.  So my payments will be just over $100 per month.  I'm going to take that in the short term, and pay an additional $300 per month to bring my CC balances down.  Once they're paid off I'm going to go back to the standard repayment plan.  I think I'm going to try and pay 3x the payment each month.  Now just waiting for the CR updates......still.....

Message 860 of 880
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