Good morning! I'm so excited, because I have had major progress in my rebuild over the last month. I found several collections that I PFD, which finally fell off my TU/EQ (they weren't on my EX). My TU jumped 55 points!😮
What I remain confused about, however (and what I'm not very good at understanding because...math and numbers🤪), is the impact of my student loans. I considered posting this in the student loan forum and it's possible it may need to be moved there, but it's also applicable to my rebuild.
Over the years I have had a lot of student loans that jumped from one company to another due to collections, rehab, etc. I finally had to consolidate all of those into one loan to get a second rehab, which is now in good standing. But as I look at my reports, I don't understand the impact of the old accounts on my score and when they will no longer hold me back. These are all accounts that ultimately ended up being consolidated.
Can anyone help me make heads or tails of this? These are the only things holding me back!
Your pictures are a little small for me to read, but the top three look like negative accounts that will be on your reports and affect your scores for 7 years from DofD, which it looks like will be in Dec 2022. The last one looks like a closed loan w/ no payment history due to deferment. Its account age is probably helping you, tho it may fall off your reports next year.
@Anonymous wrote:Good morning! I'm so excited, because I have had major progress in my rebuild over the last month. I found several collections that I PFD, which finally fell off my TU/EQ (they weren't on my EX). My TU jumped 55 points!😮
What I remain confused about, however (and what I'm not very good at understanding because...math and numbers🤪), is the impact of my student loans. I considered posting this in the student loan forum and it's possible it may need to be moved there, but it's also applicable to my rebuild.
Over the years I have had a lot of student loans that jumped from one company to another due to collections, rehab, etc. I finally had to consolidate all of those into one loan to get a second rehab, which is now in good standing. But as I look at my reports, I don't understand the impact of the old accounts on my score and when they will no longer hold me back. These are all accounts that ultimately ended up being consolidated.
Can anyone help me make heads or tails of this? These are the only things holding me back!
Since you already rehabbed, the only chance left was to consolidate (remember now that you consolidated that there is not a 3rd chance that I know of, so I would try to stick to paying this one).
When you rehab, the original defaulted SLs with the lates may remain or be removed, 50/50 chance either way and the CAs for those SLs are removed.
When you consolidate because you cannot rehab or because you chose to consolidate, the defaulted loans with lates may also remain (50/50 chance, again), but this time the CAs remain and are not removed.
Your DoFD is 12/2015, that means it should age off in less than a year, in 11/2021. Nothing much to do about that.
I have many SLs that are deafulted and currently in rehab, as well as my SO. These imapct your credit and scores *greatly*.
Thankfully, you have a little less than a year to go for this to age off, so just hang in there!
Is it just the 1 account reporting?
Is this on all 3 bureaus?
The degree to how much your scores will improve will vary.
I had 2 of 23 come off and saw a nice score bump from TU
SO had 8 of 18 removed and he got a very small score bump from TU.
So it really will depend on if you have any left reporting once the one you showed above comes off and how they are reported, so I couldn't really predict what will happen score-wise.
Good luck!