topic Re: 30/60 late on student loans being removed! question in Understanding FICO® Scoring

30/60 late on student loans being removed! question

Txmomof3 — Mon, 05 Apr 2010 03:31:26 GMT

I have about 9 student loans that are currently in deferment but Oct and Nov 2009 show a 30 and 60 day late. I called my student loan lender about this and they agreed that the 30/60 day late marks are incorrect and they were indeed in deferment during that time. He said they will remove them and I should see the change in 30-60 days. Will this help my score at all? Will it really take that long?

Thanks!

Re: 30/60 late on student loans being removed! question

RobertEG — Mon, 05 Apr 2010 05:54:19 GMT

Yes, if that is the only derog being reported, it may boost your score by around 20 pts.

Any correction or posting to your CR is not done daily. It costs creditors fees to post. Most post monthly. But that is not a requirement.

They normally post shortly after expiration of their current billing cycle, which could be up to a month from their promised deletion.

Then the CRA has to receive and process the reporting. A few more days.

Once the CRA posts to your CR, any FICO scoring is then based on that CR.

Re: 30/60 late on student loans being removed! question

fused — Mon, 05 Apr 2010 17:47:32 GMT

@Txmomof3 wrote:

I have about 9 student loans that are currently in deferment but Oct and Nov 2009 show a 30 and 60 day late. I called my student loan lender about this and they agreed that the 30/60 day late marks are incorrect and they were indeed in deferment during that time. He said they will remove them and I should see the change in 30-60 days. Will this help my score at all? Will it really take that long?

Thanks!

Welcome to the forums!

Do you know what your FICO scores were before the late payments hit your reports? Do you know your current FICO scores? Do you have any other "bad stuff" on your reports?

Re: 30/60 late on student loans being removed! question

Txmomof3 — Tue, 06 Apr 2010 00:24:09 GMT

Unfortunately it isn't the only baddie showing on my CR...I have 2 small medical bills on there (one isn't mine and the other one I will PFD as it is only $76). I also have a bad GEMB account that I was only an authorized user on that has a couple 30, a 60 and a 90 day late on (called about this one today).

I have no clue what my score was before the lates but right now it is 598.

Thanks for all your help on this!

Re: 30/60 late on student loans being removed! question

fused — Tue, 06 Apr 2010 02:04:13 GMT

I disagree with Robert, I think you will more than likely see more than a 20 point gain if these two recent student loan lates are deleted.

Re: 30/60 late on student loans being removed! question

StartinOver — Wed, 07 Apr 2010 05:39:43 GMT

Sounds like we are almost in the same boat, except I probably have one more collection than you do, and a slight bit less lates. Who is your student loan lender? I have OSLA and can't get anywhere with them helping remove the lates. I have 7 accounts with 90 day lates last October. I believe this had a big impact on my score, and I think since they are more recent, they will have a big impact if they came off. From what I undersand is that as they go on the first has the most impact and each one a little less so. So when they start coming off, the first one would have the least impact, until the last is removed probably giving you the most points. Though I have no experience with this particular incidence, I would expect to gain anywhere up to 100 points, myself, maybe 40 points on the low side.