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Student Loan Rehabilitation (Expected credit score increase?)

Valued Member

Re: Student Loan Rehabilitation (Expected credit score increase?)

I sure hope so. This was the last thing holding up the mortgage process

Message 61 of 101
New Member

Re: Student Loan Rehabilitation (Expected credit score increase?)

did you notice any change in score? i am currently waiying to see changes in mine. last rehab payment was on december 18th for me.

Message 62 of 101
Valued Member

Re: Student Loan Rehabilitation (Expected credit score increase?)

nothing for me. Everything was updated on report and no score increase. Been over 2 months. Today was my second payment to new servicer

Message 63 of 101
New Member

Re: Student Loan Rehabilitation (Expected credit score increase?)

sorry to hear that! i hear patience is a virtue.....whoever came up with that never went through SL Rehab! haha

Message 64 of 101
Valued Member

Re: Student Loan Rehabilitation (Expected credit score increase?)

Haha,right. Its more like watching paint try.  no score increase stinks but at least its over. It was the only bad thing I had.

Message 65 of 101
Valued Member

Re: Student Loan Rehabilitation (Expected credit score increase?)

Rehab completed back in Nov 14. No score increase. On my 4th payment. At leaset it's over

Message 66 of 101
New Visitor

Re: Student Loan Rehabilitation (Expected credit score increase?)

Thank you guys!!!! This forum has given me hope in this big spiralling credit score of doom.

 

I originally started following my credit history about a year ago ( Im 28 and yes I know thats horrible.... my idiotocy is not lost on me) and my score was 410 TU and 400 EQ .... I had 9 accounts in collects ( All paid off now ) and 15 accts , showing from the DEPT ED reporting for my SL all went to default status... Having a degree will not gaurntee a job, so I took me a few years to be in a position and find a different industry to better my financial standing and not be on the pay check to pay check grind.

 

After paying off my debts in collections, I jumped my credit score up to 578 TU and 525 EQ ! A big personal victory but far off my goal of getting a home for my fiance and my self. I no longer have anything in collections as all and my debt to income ratio is at a awesome 0%  I did get a secured credit card and have been using it diligently paying off my balance in full every month. having never missed a payment.

 

But still my credit score although much better than it was, still fell short of the 620 minimal goal. and ive been stressing beyond my own mental limits how much completing this program will impact my score , if at all ( as I am still very new to fine workings of credit ratings) ive poured through the net looking for advice and by far this forum has eased a long standing pain to the point were i felt complled to make a account just to say thank you!!!!

 

I just finished my last payment on the Rehabilitation program on 4/17/15!  with paying the last month off early.  So now I am in the dreded wait and watch game for a increase I need. But thanks again to people in this forum I feel I have a good understanding of the process to follow in the months after my complettion of the program and it just may be the last prop I need to get out little home in the country and take out piece of the american dream . Thanks for the Hope I will keep you updated on the progress of our battle

 

Start - TU 410 EQ 400  Current TU 578 EQ 525Smiley Indifferent

Message 67 of 101
Established Contributor

Re: Student Loan Rehabilitation (Expected credit score increase?)

Hang in there Turk! I was where you are, and it didn't happen overnight BUT I am in contract on my first house. All things are possible Smiley Happy
Message 68 of 101
New Visitor

Re: Student Loan Rehabilitation (Expected credit score increase?)

Hey! I completed the rehab program about 9 months ago and my credit score went up about 90 points!  The crazy thing is, about 2 weeks ago, all the derogatory late payments from before the rehab program came back??  For some reason Fedloan (the servicing company I was with before doing the rehab program) reported 10, 120 day or later payments again.  I'm currently in good standing with Navient (my new loan servicer) and haven't even been late once. 

 

I'm freaking out because I went from a 708 to a 640 overnight.  What do I do?  Is this supposed to happen? 

 

Thanks,

Bo

Message 69 of 101
Established Contributor

Re: Student Loan Rehabilitation (Expected credit score increase?)

Just made my 9th payment.  The loans are still showing up on the credit report but the total balance is going down on them.  I've seen a 25 point increase over the past few months.  I should have them bought off by another party this month and hopefully everyone will be in good standing then and I'll see another 50 or 70 point jump.  I have 3 Direct loans all around 2000.  They are the only 3 marks on my otherwise unblemished credit report.


------$6000-----------$22200-----------$9500--------------$6000------------$9000-------------$5000----------- $15000----------$18000
TU FICO: 758, EX FICO: 751 1/12/17
Message 70 of 101