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Student Loan Rehabilitation (Expected credit score increase?)

Member

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

15 days from my 9th payment. Anxious but patienly waiting to see the outcomes. This  has been holding me back for so long, the only baddies i have on my credit reports. 

Message 71 of 101
Established Member

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

I'm starting this is new. I have at least 9 mos and about 70k in loans. I know I have to start this process and am relieved to see its going well for many. Here we go! Oh currently my scored are Ex 655 Tu 622 and Ex 585. My goal was to get all scores above 650 first then to 700 or above.
Message 72 of 101
Regular Contributor

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

I have no faith in rehab. I rehabbed my loans after default. At the end of the rehab the loans were consolidated. I now have the same loans reporting 3x each. Original loan which shows 120+ late, multiple times and a $0 balance/transferred, new "rehabbed" loans, also showing 120+ late and $0 balance/transferred and now the new "consolidated" loan, which shows ALLLLLL the old payment history (including 120+ late), and then the actual real current payment history. I thought rehab was gonna be my ticket to better scores but in the end it just messed up my CR's even more and my scores didn't move.

Starting Score: EX: 560 on 11/1/11
Current Score: EX: 651 on 1/31/16
Goal Score: 700

Take the FICO Fitness Challenge
Message 73 of 101
Member

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

Just wanted to update everyone on my status.
Yesterday I received an email that navient has purchased my 3 defaulted loans. Now I am just expecting for it to be removed from the collection accounts in transunion hopefully in the next 30 days.

I don't care much about the account being reported late because the damage has already been done I just wanted remove from the collection part on my report.

P.S. We have started our home shopping- this was the only thing holding us back from buying our first home!!!
Message 74 of 101
Member

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

Have you ever considered consolidating your loans?  Consolidating your loans will bring all of your old student loan current and payoff the old ones.  There are different types of repayment programs that you may even be qualified for $0 monthly payment and possibly have the loan forgiven after the end of the term of 240 or 300 payments.  In addition, if you work for the Government or Non Profit Organization, you automatically will get the Public Service Loan Forgiveness program, which is after 120 ontime payments, your remaining balance will be forgiven.  

 

If you have any further questions or wanting to get a free consultation, you can call 888.332.6121 ext 7003.  Doesn't hurt to try.  

 

Jaden

Message 75 of 101
New Visitor

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

Where did you sign up for the Student Loan Rehab?  I owe over $100K and my wife another $75K.  I can't afford to make payments right now, student loans were the worst decisions of our life.

Started: 1/28/16 | Goal: 750+ | Starting Scores: EQ - 582; TU - 582; EX - 677 |
| Amex Platinum: $5,500 | Amex Blue Cash: $4,000 | Chase Freedom: $5,000 | BankAmericard Rewards Visa: $2,500 |
| BankAmericard Better Balance Rewards MC: $2,500 | Capital One Quicksilver: $2,600 | Amazon Store Card: $3,600 |
Message 76 of 101
New Contributor

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

Rehabbing a student loan is for when you are in default of them (Over 120+ days late) and that they are Federal student loans. Some private student loans also offer it, but its not too common.

 

If your loans are in collections and you have been in contact with the CA, then it's probably going to be one of the first things they offer you, other then to pay in full. It really doesn't bring the amount of the student loans down though, although you can drop the amount you pay down to $5 or even $0 if you don't make enough...

 

 

On another note, my last payment for rehab is on Monday, 1 Feb!! I can't wait to get this train moving to some amazing scores! I'll try to keep it posted on how it goes!


FICO 08 (12/28/15): EQ: 582 TU: 561 EX: 589
FICO 08 (04/03/16): EQ: 684 TU: 711 EX: 704
Goal: All:750+

Message 77 of 101
Member

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

Hello everyone. I am a student loan consultant and a lot of people do not know about the new repayment and loan forgiveness programs.

Did you know that consolidating your defaulted loans only take 6 to 8 weeks. Once consolidated all defaulted loans will be paid in full and increases your credit. In addition, you can file income tax again and get your refund back instead of the IRS taking it to offset your student loans.

By consolidating you take advantage of the Repayear As you earn repayment plan which could lower your payment as low as $0. The payment is based on your Annual Income Gross and number of family size.

You can certainly do the consolidation yourself at the Student Aid website or hire a Consolidation Expert to do all of your paperwork. Just like when you hire H&R Block to do your taxes

I join this forum because I want to let everyone know you can get your credit back. There are new programs there.

So, I will leave it up to you on how you want to proceed with your student loans. Don't give up. You have. To take the first step on how you want your future to be.

Thanks
J
Message 78 of 101
Member

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

I wouldon't suggest consolidating your loans and take advantage of the REPAYE Revised As you pay reoayment. After 240 months of payment any remaining balance will be forgiven.

In addition if you work for the Government non profit or teacher that serves the public, after 120 payments the remaining balance will be forgiven. ONLY IF YOU CONSOLIDATE
Message 79 of 101
Member

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

I mean to type WOULD CONSOLIDATE
Message 80 of 101