Can Anything be Done? Part 1

[Anonymous]

Hi Everyone,

 My fed student loans were consoldiated and in default. I rehabbed it, made all ten months of rehab payments (ending in June 2010 I think), and in August of 2010 my loan was 'purchased.' Since then, I have not had a single late payment. This is the only student loan I currently have, because of the consolidation.

My credit report that I pulled lists 6 accounts, which are all student loan related, even though I am really only paying on the one. The other accounts show some really bad lates. After looking this over, is there anything I can do to have some of this stuff deleted? I've been reading lately where sometimes, after rehabbing, people are able to get old stuff deleted. Is that really possible? It's really important for me to get this student loan stuff cleaned up asap, so that I have a chance of getting a mortgage. The owner/seller of the house we live in is putting pressure on me to buy, which I 100% want to do, but  the student loan mess is really bogging down my credit score and my ability to get a mortgage.

I have to break this up into a couple of posts.

As always, I appreciate any advice/insight . Thanks, Mark.

Accounts

Company	Account number	Date opened	Balance	Status	Negative Indicator? [?]
Us Dept Ed	XXXXX6831	8/2010	$9,282	Pays account as agreed	No	Details
Sallie Mae	XXXXXXXXXXXXXXXX0001	11/2000	$0	Pays account as agreed		Details
Sallie Mae	XXXXXXXXXXXXXXXX0001	11/2000	$0	Pays account as agreed		Details
Ecmc	XXXXXXXXXXXXXXX5813	Not on Record	$0	120+ days past due		Details
Ecmc	XXXXXXXXXXXXXXX4023	Not on Record	$0	120+ days past due		Details
Citibank	XXXXXX8320	1/2002	$0	120+ days past due		Details

Account Details

Us Dept Ed May, 2011

Status as of	May, 2011
Date opened [?]	Aug, 2010
Date of last activity [?]	May, 2011
Account number [?]	XXXXX6831
Largest past balance [?]	$9,814
Account Type [?]	Installment
Account holder [?]	Individual
Scheduled Payment Amount [?]	$79
Industry	Other

Descriptions [?]

• Student loan

No contact information provided by Equifax

Balance [?]	Current Status [?]
$9,282	Pays account as agreed

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	0 times

Worst Delinquency [?]

None Reported

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

Sallie Mae Aug, 2010

Status as of	Aug, 2010
Date opened [?]	Nov, 2000
Date of last activity [?]	Aug, 2010
Account number [?]	XXXXXXXXXXXXXXXX0001
Largest past balance [?]	$4,000
Terms [?]	(0 Months)
Account Type [?]	Installment
Account holder [?]	Individual
Industry	Miscellaneous

Descriptions [?]

• Account transferred or sold
• Student loan

No contact information provided by Equifax

Balance [?]	Current Status [?]
$0	Pays account as agreed

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	27 times (Sep 2009, Aug 2009, Jul 2009, Jun 2009, May 2009, Apr 2009, Mar 2009, Feb 2009, Jan 2009, Dec 2008, Sep 2008, Aug 2008)

Recent payment history [?]

8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7
2008	2009	2010

Legend:	Currently paid as agreed
	90 days late
	120 days late

Worst Delinquency [?]

120+ days past due

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

[Anonymous]

Here is the second part of my student loan history....

Sallie Mae Aug, 2010

Status as of	Aug, 2010
Date opened [?]	Nov, 2000
Date of last activity [?]	Aug, 2010
Account number [?]	XXXXXXXXXXXXXXXX0001
Largest past balance [?]	$2,625
Terms [?]	(0 Months)
Account Type [?]	Installment
Account holder [?]	Individual
Industry	Miscellaneous

Descriptions [?]

• Account transferred or sold
• Student loan

No contact information provided by Equifax

Balance [?]	Current Status [?]
$0	Pays account as agreed

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	27 times (Sep 2009, Aug 2009, Jul 2009, Jun 2009, May 2009, Apr 2009, Mar 2009, Feb 2009, Jan 2009, Dec 2008, Sep 2008, Aug 2008)

Recent payment history [?]

8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7
2008	2009	2010

Legend:	Currently paid as agreed
	90 days late
	120 days late

Worst Delinquency [?]

120+ days past due

Ecmc Apr, 2007

Status as of	Apr, 2007
Date of last activity [?]	Oct, 2004
Account number [?]	XXXXXXXXXXXXXXX5813
Largest past balance [?]	$511
Terms [?]	(1 Month)
Account Type [?]	Installment
Account holder [?]	Individual
Industry	Miscellaneous

Descriptions [?]

• Paid collection
• Student loan

No contact information provided by Equifax

Balance [?]	Current Status [?]
$0	120+ days past due

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	0 times

Worst Delinquency [?]

None Reported

[Anonymous]

Finally, what I hope is the last part of my student loan reports....

Ecmc Apr, 2007

Status as of	Apr, 2007
Date of last activity [?]	Oct, 2004
Account number [?]	XXXXXXXXXXXXXXX4023
Largest past balance [?]	$1,427
Terms [?]	(1 Month)
Account Type [?]	Installment
Account holder [?]	Individual
Industry	Miscellaneous

Descriptions [?]

• Paid collection
• Student loan

No contact information provided by Equifax

Balance [?]	Current Status [?]
$0	120+ days past due

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	0 times

Worst Delinquency [?]

None Reported

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

Citibank Oct, 2005

Status as of	Oct, 2005
Date opened [?]	Jan, 2002
Date of last activity [?]	Sep, 2004
Account number [?]	XXXXXX8320
Largest past balance [?]	$2,625
Account Type [?]	Installment
Account holder [?]	Individual
Scheduled Payment Amount [?]	$36
Industry	All Banks

Descriptions [?]

• Paid collection
• Student loan

No contact information provided by Equifax

Balance [?]	Current Status [?]
$0	120+ days past due

Seven year payment history [?]

30 days late	0 times
60 days late	0 times
90+ days late	0 times

Worst Delinquency [?]

None Reported

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

[ninjacookies]

You seem to be in a very similar boat as me.  Completed rehab and now looking to rectify old, negative accounts.

I think the only real course of action we have is to formulate the best GW letters we can and simply keep sending them to our old lenders stating that we've learned our lesson and have completed the Rehab program successfully and are looking to try and start fresh and delete our pasts.  I really don't think there's much else we can do than that, and pray we get the right individual that will be willing to help out. 

Wish you the best with it

[Anonymous]

Hi ninjacookies,

Thanks for your reply. Have you had any success with student loans?

[Anonymous]

I also had some problems with my federal student loan. Three of the five loans went into default and two had later payments listed. When you rehab a federal student loan the negative information from the original lender will repair, the only information that is removed in the TL from the loan guarantor. The only time when all negative information is deleted is if it was a direct Loan.

You can try GW letters, but I will not hold my breather.  Your score will increase as the information age. I only completed the rehab about two months ago and my score has already gone up drastically and I have 11 negatives listed 5 of which are student loans.

I would recommend looking at other aspic to increase your score, do you have credit card debt, and if you do I would recommend working on paying that down. There is no ASAP to this problem it will take time.

[Anonymous]

Hi Shazer7,

Thanks for replying.

Other than the SL, I have one account in collection. The OC is a utility company. I just opened up my first cc in April, an Orchard Bank card with a $300 limit. Utilized 10% during boith statement periods, pif the day after the statement was cut both months. Still waiting for Orchard Bank to start reporting the card, not sure when that will be.

A bit off-topic, and I apologize, but if focusing on the SL isn't feasible, what else can I do to improve my picture? I plan on paying the collection in full in the very near future. Would applying for another cc help, or maybe a store card somewhere?

[Anonymous]

After closing all my credit cards about 6 years ago, I only opened one about 6 months ago, $500 limit.  I believe your collection is what is holding you back at this point, the good thing is you have a 50/50 shot of negotiate a PFD (Pay For Delete) with the CA. When dealing with the collection agency MAKE SURE TO GET EVERYTING IN WRITING.

I don’t believe you need to apply for any more credit cards just use the one you have, I will only charge what I know I can PIF at the end of the month, for me I just pay my water bill something that I know I have to pay anyway and just pay off the card. I have been rebuilding my credit with only one card, once the card you have starts reporting you should see some increase.

Also remember that credit is only one aspect of getting approved for a mortgage.