Waiting while rebuilding is exhausting

[Anonymous]

So I'm looking for an outlet for frustration.  I've been in the rebuilding process for a bit but the waiting game is horrible.  Right now my fico has been just bumping around the same with TU 568 EQ 576 and EX 613.  I opened a Capital One Secured in August and Discover IT Secured in October and my utilization is 3%.  I do have a repo that shows as a charge off on all 3 from 2014 and another repo on Transunion only.  I have one other charge off showing in all 3. 

The biggest issue have been student loans that I had ignored too long.  Because of the way they were originally dispersed there were 8 accounts that each had 11 to 12 late payments marked on each for a total of 92 late payments before they went into default and closed.  So an additional 8 collection accounts were reported in addition.  In June I did consolidation into an Income based repayment plan of $0/month which got them into 2 good accounts in good standing but the negative remained.  (I realize rehabilitation would have been better but too late for that).  I'm on social security disability so I recently had the loans approved for disability discharge and that closed the two new accounts that were current and created two new accounts dated back to June in good standing for the monitoring period.  At the moment that still leaves the 16 negative accounts.  I've written emails to Nelnet which was the original servicer with no response and to the default resolution group and they replied to dispute with the credit bureaus.  I had already submitted disputes and still waiting which is frustrating.

In the meantime I have received pre-qualified offers from Indigo and Credit One for cards but I don't want them because of the high fees.  For a laugh Friday I checked the Capital One Prequalification site even though I just got the secured in August (approved in July) and it said I prequalify for a regular (unsecured) Platinum or the Quicksilverone.  That surprised me.  I didn't proceed because I assumed it would be some low like $300 limit.  Assuming those 16 negative accounts with 92 late payments get removed (which from what I've read with the Disability discharge should happen) I think it would be approved with a much better limit or terms.  

Does anyone have any thoughts on any of this?  Otherwise thanks for letting me vent.

[biglista88]

I feel your pain 100%! But I feel like you’re doing everything positive you can currently to rebuild your credit and you should stay the course with those actions. I know it’s sucks to wait bout 6 more months of perfect payment history on all your accounts could work magic for your scores.

I’m in the same boat as you, just started rebuilding last month and my scores are UGLY! I applied for a secured card from SDFCU today and I was instantly approved for a 2000 limit CC? How I do not know but I’m thinking it’s a glitch and I actually didn’t get approved. So imagine how I feel waiting to find out about that lol

[Anonymous]

Yep, student loans.

They are the only negative on any of my reports.  Lates from years ago and high balances compared to initial (more than initial.)  If not for them, I think I might be in the 800s by now.

[calyx]

I'm with you in the "my student loans are tanking my scores," club.

I consolidated as well, and I got a bump, but the uglies remain, and they'll stay for ~3 more years without GW.   I suspect my current high EX score is a fluke that will be dropped back (I'm enjoying looking at it now, though).  

[Anonymous]

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@Anonymous wrote:

So I'm looking for an outlet for frustration.  I've been in the rebuilding process for a bit but the waiting game is horrible.  Right now my fico has been just bumping around the same with TU 568 EQ 576 and EX 613.  I opened a Capital One Secured in August and Discover IT Secured in October and my utilization is 3%.  I do have a repo that shows as a charge off on all 3 from 2014 and another repo on Transunion only.  I have one other charge off showing in all 3. 

The biggest issue have been student loans that I had ignored too long.  Because of the way they were originally dispersed there were 8 accounts that each had 11 to 12 late payments marked on each for a total of 92 late payments before they went into default and closed.  So an additional 8 collection accounts were reported in addition.  In June I did consolidation into an Income based repayment plan of $0/month which got them into 2 good accounts in good standing but the negative remained.  (I realize rehabilitation would have been better but too late for that).  I'm on social security disability so I recently had the loans approved for disability discharge and that closed the two new accounts that were current and created two new accounts dated back to June in good standing for the monitoring period.  At the moment that still leaves the 16 negative accounts.  I've written emails to Nelnet which was the original servicer with no response and to the default resolution group and they replied to dispute with the credit bureaus.  I had already submitted disputes and still waiting which is frustrating.

In the meantime I have received pre-qualified offers from Indigo and Credit One for cards but I don't want them because of the high fees.  For a laugh Friday I checked the Capital One Prequalification site even though I just got the secured in August (approved in July) and it said I prequalify for a regular (unsecured) Platinum or the Quicksilverone.  That surprised me.  I didn't proceed because I assumed it would be some low like $300 limit.  Assuming those 16 negative accounts with 92 late payments get removed (which from what I've read with the Disability discharge should happen) I think it would be approved with a much better limit or terms.  

Does anyone have any thoughts on any of this?  Otherwise thanks for letting me vent.

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So I use Credit Karma and just got notified that my Equifax tanked.  I looked and the 18 closed student loans (8 original Nelnet, 8 US Dept of Ed, and 2 Nelnet post consolidation) have remarks of Investigation.  Upon further review 6 of the Nelnet loans that were. Closed/transferred in 2017 got a brand new 120-149 days late mark for September 2018 (6 times!!!).  Called equifax and was given the standard 30 days in process.  Argh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Anonymous]

I'm sorry to hear that but no way would I treat CK as the gospel. FICO scores are all that matters in LIFE. LOL 

[Anonymous]

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@Anonymous wrote:

I'm sorry to hear that but no way would I treat CK as the gospel. FICO scores are all that matters in LIFE. LOL 

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No I was in no way following scores in Credit Karma (although a 114 FAKO score drop is impressive) I just refreshed Fico scores earlier in the day but it alerts me when something changes and seeing 6 brand spanking new 120+ lates that shouldn't exist was the issue that now I'm waiting for the fix.

[Anonymous]

Trust me - I can totally relate on the lates! They suck!!! I have until 2022 before the last disappears. 

[Queen_Etherea]

I 100% understand your frustration. I was able to get all my collections removed and have one 30 day late from 5 years ago (which I was able to goodwill, but still hasn't updated). My scores are still below 700 and it's seriously annoying. I see people who have had bankruptcies, 30, 60, 90 day lates, and their scores are at least in the low 700's. I have basically nothing bad on my report, low utilization, and my scores are still pretty low. Ok I mean, I opened quite a few accounts in the past few months which lowered my AAoA to just under 2 years (1 year 11 months), so I guess I'll have to wait for those to age?

Also, I don't know if my stupid student loan is hurting me because I've paid off like -115% or something like that. The orginal balance was about $2,500, but I owe $4.9k now because I never paid it and the interest fees kept accruing. I was able to rehab the loan, get all the late payments removed, but I feel like it's still doing some damage in some way.

Anyways, it looks like your on the right path. It's a marathon, right?

[Anonymous]

I'm still waiting I sent in and apparently my Experian has been reopened and not sure on Equifax since it won't let me see the results.  I currently have a Capital One Secured from 4 months ago and Discover Secured from two months ago and I'm getting offers in the mail from undesirable cards now.  I have a Pre-approval from Credit One, Indigo and First Premier sitting here but all have high fees so not interested.  I also prequalify for an unsecured Capital One now but don't want a toy limit.