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Registered: ‎06-23-2010
Re: Student Loan Rehabilitation And The Effect On Tradelines
[ Edited ]

tooleman694 wrote:

I made my 9th payment July 1st. About 3 weeks later I got a letter from my new lender with my new payment amount and due date. Soon after that letter, all the collection accounts listed on my report got removed and my score jump about 40 points. The old tradelines still remain with all the lates in them.


I just made my first payment to the lender, payment went down 100 dollars but the new tradeline has not shown up on my report yet.


Rehabbing my loans got my scores into the 600s..

Woohooo...  Congrats on the increase.  It sounds like you are certainly on your way with getting all of the negative history replaced with a better history.  One thing you may want to consider though.  I know your payments went down by 100 a month, but you may want to just send $50 over each month.  It will make a big difference in the long run with regard to the interest if you are able to do that.  (or send the extra $50 to some other loan that you may have which has a hire interest rate than the student loan).  I know a lot of times it seems like it's not much, but I am one to tell ya that every little bit will help.

Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 692 (04/03/2013) Tu: 717 (04/03/2013)
Goal Score: Eq: 720 Tu: 740

Wallet: Chartway Visa 10k | AMEX Costco TE (AU) 25k | Cap One MC 750 | Cap One Visa 750