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The defaulted loans are paid in full now through the direct loan consolidation so they are no longer active. I actually attempted a letter of goodwill to ECMC to see if they would remove the default status early and they told me they couldn't remove it until 7 years after the date they paid the default through insurance on 9/28/06. After that it should only report the day that it was opened, the day that it was closed, the high balance and that it was a paid through consolidation for I believe 10 years from the paid in full date. At this point I'm not sure if I'll be able to tell if there will be a significant bump. I recently got approved for a car loan and I had my girlfriend add me as an authorized user on a major credit card she has that is 15 years old that she pays off monthly. Once these events and a possible FHA mortgage this Summer hit the credit bureaus something like 7 year old defaults falling off in September might not be significant enough to warrant a huge bump.
I think that's why a lot of people get so frustrated with trying to fix thier credit and end up just waiting a lot of marks in their report out. Sometimes it's such a headache to get a negative account back in the positive. It's the same way with banks and lenders. You can have years of good history with them, then you have a few months of struggles, and it's like everything changes with them.
@Sonic98 wrote:I think that's why a lot of people get so frustrated with trying to fix thier credit and end up just waiting a lot of marks in their report out. Sometimes it's such a headache to get a negative account back in the positive. It's the same way with banks and lenders. You can have years of good history with them, then you have a few months of struggles, and it's like everything changes with them.
i 100% agree!!!!!
@Mauveboy wrote:I'm hoping for a bump after consolidation but I'm not sure how much. EQU=636 and TU=663 right now. My AOA is 17 years. I currently have 6 tradelines, all student loans. 2 student loan accounts are closed. One for $475 is pay as agreed and 3 accounts for a total $6,427.73 are in default and 120+ days delinquent but the date of default goes back ti 2006. My question is, what type of bump am I realistically looking at? Consolidation should give me 7 tradelines dating back 18 years, the delinquencies on my report are all from 6 years ago and the loan will show no late payments. I'm thinking 640-645 EQU and maybe as high as 700 TU? Will the delinquencies drop off 7 years from DoD or 7 years from pay off date?
did you see a score increase yet?
Just as an update, the original defaults on my student loans have now fallen off my credit reports. I've since had those loans consolidated and opened up a car loan so I now have a total of 5 trade lines and my AOA stayed at 17 years. With all that being said, my EQU was at 636 when I started this process in March and is now at 660 for a 24 point bump. My TU score was at 663 and is now at 690 for a 27 point bump. Consolidation and patience have really paid off. I'll be buying a house within the next month. Direct loan Consolodation was the best move I've ever made financially.