topic Re: Help! in Rebuilding Your Credit

Help!

Anonymous — Thu, 24 Dec 2009 15:16:53 GMT

I have some student loans reporting on my CR that are in good standing. They were originally with Sallie Mae and Chase Bank. Both OC's transferred my balance over to another lender. Now both are reporting! The OC's are reporting a $0, but why won't they just delete? Can I get those accounts deleted? If so, how? GW letters? Any help is needed! Thanks

Re: Help!

Anonymous — Thu, 24 Dec 2009 15:34:16 GMT

Read the FAQ section regularly. Try sending out a DV letter. Just read the FAQ section , you have all your answers there.

Re: Help!

Anonymous — Thu, 24 Dec 2009 15:40:55 GMT

Thanks for your help! I did and I have been reading! I guess with so much helpful information I get confused I think DVing the OC's is a good idea! Since they were transferred to another lender they wouldn't be able to validate I am still with the OC. Then they should be removed right? If they can't validate? Thanks again

Re: Help!

llecs — Thu, 24 Dec 2009 16:25:21 GMT

updown wrote:
Read the FAQ section regularly. Try sending out a DV letter. Just read the FAQ section , you have all your answers there.

DVs are only for CAs, not for OCs.

OP, if you want it off, you can try via a GW letter, however you may not want to do that and here's why: Usually for most, SLs are your oldest account. If you remove your oldest account your AAoA will drop and your score will take a hit. Also if any of the ones in question are your very oldest account, then you may or may not see a ding from removing that too.

When you consolidate the old loan closes and the new one opens up. The old one is supposed to report as a closed TL for the next 10 years with a $0 balance. When I first started repair, I thought it would be better to get rid of old, closed accounts. It wasn't so much fun watching my score drop in the process. I'd give anything to get those back.

Re: Help!

Anonymous — Thu, 24 Dec 2009 16:32:35 GMT

So my best option would be to keep the OC with a $0 balance on my report and start paying the CA? Or should I not pay anything and just wait for the CA to drop off since they are still in SOL and I don't have the money to PIF? Thanks so much for all your help!

Re: Help!

llecs — Thu, 24 Dec 2009 16:46:16 GMT

Swtrandi wrote:
So my best option would be to keep the OC with a $0 balance on my report and start paying the CA? Or should I not pay anything and just wait for the CA to drop off since they are still in SOL and I don't have the money to PIF? Thanks so much for all your help!

I think I'm confused.

I thought you had two SLs by SallieMae and Chase and that both of those got transferred to two new SL lenders who now report a balance each and thus wiped out the balance off SM and Chase to $0.

Where does the collection agency enter into all of this? Who is the CA? Did you default on both while with SM and Chase?

Re: Help!

Anonymous — Thu, 24 Dec 2009 16:50:15 GMT

LOL! Its early and I posted to the wrong posting! Im sorry!! Disregard my last post! Sorry to get you confused

Re: Help!

Anonymous — Thu, 24 Dec 2009 16:55:09 GMT

What I mean't to say to this particular posting was it would be better to leave the original SL Lenders SM and Chase with a $0 since they take into affect the age of the accounts?!? Sorry again for the confusion! Thanks for your help

Re: Help!

BungalowMo — Thu, 24 Dec 2009 16:59:00 GMT

From the sounds of it, you have 2 old, good, sold accts & 2 newer accts that bought the old accts. Leave them all alone & keep paying them down.

One q? Where are your scores from? Since you have an EX score, I'm guessing they are from a 3-in-1 site where you got all 3. Only the FICO scores matter, so don't put stock into those #'s....they mean nothing.

Re: Help!

llecs — Thu, 24 Dec 2009 17:02:40 GMT

BungalowMo wrote:
....don't put stock into those #'s....they mean nothing.

And all this time I thought that 3.141592653589.....was an important number.

Re: Help!

Anonymous — Thu, 24 Dec 2009 17:06:51 GMT

I got the EQ and TU score from here on MYFICO! The EX I got from their website! I will keep the accounts then and not touch them! Thanks for all you help