topic Will this help me? in Student Loans

Will this help me?

Anonymous — Mon, 23 Nov 2009 19:01:22 GMT

Sent GW letter to Sallie Mae on late payments. Just got letter today stating that my CB report would be updated to "Paid in full". All 3 CB's were showing "120 days late/0 balance" I really can't afford to pull my reports again so was just wondering if anyone knew if this would raise my score at all. The letter is dated 11/18/09, how long until update shows up on reports?

Re: Will this help me?

laz98 — Tue, 24 Nov 2009 00:38:37 GMT

it will update whenever sallie mae reports your account(s) to the credit bureaus again. i don't know when they report.

if they are removing the late payments, then it will help. if not, then it won't really make a difference.

Re: Will this help me?

Anonymous — Tue, 24 Nov 2009 03:23:19 GMT

Thanks, for the reply laz98. I don't really hold out much hope for the late payment removal. I pulled my reports a couple weeks ago Nelnet is still reporting "120 days late" and "currently 120 days late" even though I have been paying on this for 15 months with out fail. They never miss a chance to nail ya, I paid my October payment 8 days late due to an address change situation, even though I had changed the addy on the DOE site they sent it to old addy, I mailed my payment without a statement just to keep from being more than a few days past the due date soon as I figured out they didn't update, and sure enough they reported it as a "30 day late" even though my Nov statement shows no late payments! I wish I knew when they report to the credit bureaus though, anyone else got any ideas?

Re: Will this help me?

tdbss — Fri, 18 Dec 2009 00:05:25 GMT

I would'nt hold out for any hope with the DOE. They have told the same thing when I called them and learned about a small balance, that was somehow not consolodated with the original loan over a year and half ago. Good thing I called. I got the same letter Nov 12, nothing as of yesterday, and they update my report for Nov already. My guess is that it will say paid as agreed, or zero balacne , or was a collecion,but the history will remain for 7 years.

Message Edited by tdbss on 12-17-2009 07:05 PM