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I think what makes me even more upset is to later find out that if I would have let all those loans go to collections and then do the rehab my credit would be better! How messed up is that?
Now I have to wait YEARS for this to come off :-( just makes me sick.
I recently did a consolidation of my student loans back in February 2017 to get rid of two defaulted Perkins loans I had. The two Perkins loans were NOT deleted from my file. They moved to a "paid and closed" status. My student loans also moved to a "paid and closed" status. My new servicer is FedLoan but they have yet to add the new loans to my credit report. From what I've read on this board, FedLoan averages about 4-5 months before reporting. So if you look at my credit reports now, it would appear that I paid off my entire student loan debt.
I have a "dirty" file, so my Experian went up 13 points from the consolidation. I can't remember how many points Equifax went up. My student loans were not reporting on TransUnion.
I have a dirty file (almost 100 lates, fml) and consolidation boosted my equifax by 99 points and TU by 54. I know ill take a hit when the consolidations report but gosh was that bump nice to wake up to. I'd love to get those lates removed but im not holding my breath.
@Anonymous wrote:I have a dirty file (almost 100 lates, fml) and consolidation boosted my equifax by 99 points and TU by 54. I know ill take a hit when the consolidations report but gosh was that bump nice to wake up to. I'd love to get those lates removed but im not holding my breath.
WOW! 99 and 54 point increases! I wish! Paying off my student loans through consolidation helped with my mortgage scores, but my FICO 08 points took a 7 point hit on Equifax and 13 point hit on Experian.
From what others have posted on here, FedLoan can take 4-5 months to report new accounts on your credit, which is around August for me. I'm hoping our lender will pull our credit again before FedLoan reports because I know my scores are going to plummet when they report.
ya i actually just pulled my mortgage scores and they are even better than that... ugh. i wish i was in a position to start the buying process now before those loans hit!
If you don't mind, what are your FICO 08 scores? What are your mortgage scores?
They are all still terrible, but greatly improved from where they were even 2 months ago..
EQ8 - 539
EQ Mortgage - 552
EQ9 - 618 (???!)
TU8 - 471
TU Mortgage - 576 (???!)
TU9 - 534
EX8 - 521
EX Mortgage - 525
EX9 - 538
I still have a self lender and 2 secured cards that need to report and a collection that has been deleted and not yet reported, so hoping for some good bumps from those too. I realize now the self lender was unnecessary since the consolidations will report soon enough, but oh well. I currently have no open credit reporting. 2 months ago all my 8 scores were between 400-425... so im def seeing some progress.
That's great! I know for some folks, their mortgage scores can be higher than FICO 08 scores. Each version puts a different weight on items in your credit report.
My FICO 09 scores are actually my best. You can see my FICO 08 and mortgage scores in my signature.
Equifax
622 FICO 09
632 FICO Auto Score 09
624 FICO Bankcard Score 09
Transunion
598 FICO 09
599 FICO Auto Score 09
619 FICO Bankcard Score 09
Experian
594 FICO 09
584 FICO Auto Score 09
613 FICO Bankcard Score 09
ya mine are kind of all over the map which is odd because everything is basically reported the same on every report? I just want to really hit a 620/640 mid score for a USDA mortgage, which i think feasibly i could do before the consolidation loan hits, the bummer for me though is i have very recent lates and collections so even if i get them all cleaned up, i need to sit on a year of clean credit before a mortgage company will consider me, so ill definitely take the hit on the consolidations reporting before a mortgage is feasible.