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Change of servicer with public service loan forgiveness

Established Member

Change of servicer with public service loan forgiveness

My servicer changed from navient to myfedloan after I applied and got accepted for the public service loan forgiveness program. The myfedloan site had my loans uploaded on 11/7. Does anyone know when myfedloan will show up on my credit report? I’m in the middle of buying a house (yes, i have submitted all documentation about my loans and the navient ones on my credit report say transferred). Just wondering because my scores did go up but I’m not certain if it was that or other things. I have paid down cc balances and I’m a year out from late payments on car loans. Does anyone know if my score likely did go up (16 points that day but other things reported as well plus this month is 12 months from any late payments) because of the loans “being off” my report? Also, when does myfedloan first show up on the report after transfer? I’m closing on the house in 2 weeks.
Message 1 of 5
4 REPLIES
Senior Contributor

Re: Change of servicer with public service loan forgiveness

Where are you getting your score from?

 

No late payments or negative reporting would only raise your score 16 points unless you had other accounts showing late.  It's possible that your 16 points was solely from the late payments being a year out as going from 6 months to 12 months on a 30D/60D/90D late gives you back an average of 15 points:

fico8 lates versus time.png

 

 

 

Message 2 of 5
Established Member

Re: Change of servicer with public service loan forgiveness

I have the monthly credit report plan here because I’ve been trying to qualify for a mortgage. So I got the mortgage scores from my monthly report and from my mortgage loan officer. Since my score went up, i went from qualifying to qualifying for a better rate, better lender, etc. I’m hoping that either the score increase is from the lates (for car loans) being a year out now, or that that myfedloan doesn’t report before i close. If it was due to the student loans being temporarily off the report. My Fico 8 scores alone have increase nearly 80 points in the last 2 months, I’m guessing from paying down my cc utilization and getting further from lates.
Message 3 of 5
New Visitor

Re: Change of servicer with public service loan forgiveness

I am curious to know if your loans showed up months later. Mine were also transferred and have yet to show up ! How long did it take?

Message 4 of 5
Contributor

Re: Change of servicer with public service loan forgiveness


@toadillynellie wrote:

I am curious to know if your loans showed up months later. Mine were also transferred and have yet to show up ! How long did it take?


When I switched from Mohela to FedLoan in January last year, Mohela reported my loan closed/transferred right away in January. The loan with FedLoan didn't show up on my reports until May, and I subscribe to monthly reports here at MyFico. So it was about 4 months for me.

 

Good news, they showed the original loan open date instead of the date of transfer, so that helped with AAoA. Also they reported original highest balance for the loan rather than just the balance at time of transfer, so that helped with Util.

04/20/17 - Fico Score 8: EQ 695, TU 689, EX 728; Mortgage: EQ 731, TU 740, EX 815 [Starting Point on MyFico]
05/09/18 - Fico Score 8: EQ 827, TU 821, EX 811; Mortgage: EQ 815, TU 795, EX 822 [Latest MyFico 3B]
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