Default loan/rehab/7 years

[ChiknNuggz]

Congrats to you! Looks like your progess is moving very quick and smooth. Im hoping for the same. I called Dept of Edu and i will be outta dafult on there end this weekend and b sent to a new servicer on monday.  35 points is great and you should def see more as well.  Certainly keep me up dates.  This default is the only thing stopping me from gettinga mortgage. My CS is a 630 right now so hoping after default is removed i see a good 30 plus points jump. Ive even seen people go up 75 to 100 points. Man wouldnt that be wild lol.

[SedimentaryRock]

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@ChiknNuggz wrote:

Congrats to you! Looks like your progess is moving very quick and smooth. Im hoping for the same. I called Dept of Edu and i will be outta dafult on there end this weekend and b sent to a new servicer on monday.  35 points is great and you should def see more as well.  Certainly keep me up dates.  This default is the only thing stopping me from gettinga mortgage. My CS is a 630 right now so hoping after default is removed i see a good 30 plus points jump. Ive even seen people go up 75 to 100 points. Man wouldnt that be wild lol.

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Thanks! We're like in the exact same boat with scores so I hope you're right and we both bet good bumps. It's been such a long road but I'm determined to at least stay grateful that I benefited from the CARES Act. That's a silver lining for sure. Onward and upward. I'll update as things change on this end.

[SweetCreditObsession]

Excellent, congratulations!

[Mjhall85]

@ChiknNuggz  how did you get your rehab shortened ? I have been on my rehab since August and made my payments monthly was never told it would be cut short.

[ChiknNuggz]

 If you are able to affored your one time monthly payment I would also make it even though you are getting credit for the cares act.  bc i did not have to make 1 single payment bc of the cares act but i made 4 payments anyway and my servicer counted them so i actually completed my 9 months 2 months early. I was suppose to finsh in april but made my last payment on 2/16/21.  Also, i would call your servicer every time you make a payment to ensure its being applied.  Stay on top of them and everthing will be a breeze.  Also, if you started in August call your service provider to see when your 1st payment is counted.  I would call ever 2 weeks just to make sure i was on track.  Im guessing bc i made the 4 additional paymnets here and there counting as 2 payments in one month helped me.  I didnt know anything about it until i called one day to ensure i was on time for the 9 paymetns and i had mentined i made other payments just to be sure and my servicer was like thats great bc of the other payments you made 10 totals payments within 9 months so i finished early.  Now i dont know if this is for everybody of i just got lucky but def try it. Call your servicer and ask if you make an additional payment can it help you move along quicker.  keep me updated bud!! Also, who is your service provider.  Mine was great lakes servicer.

[ChiknNuggz]

Hey just providing a update on my rehab timelime

2/16-Last rehab payment

2/18- Rehab servicer is showing account closed with all 9 payments made on time

2/22- verified Loan was back with the department of education and new loan servicer is FedLoan. I make FedLoan account

2/25- Got email from FedLoan and my Loans are now showing up on Fedloan account

I have not gotten the letter in the mail for FedLoan about new payments yet so i suspect that will be coming next week

So far no credit changes but im hoping by the end of this month or definetly next month when FedLoan reports.

[Mjhall85]

Well hopefully you see some movement in credit score once they all show up there. I got my last payment made on the 16th of march so hoping by end of march most of it updates and I see some results to score. 

[ChiknNuggz]

I got another update i called Fedloan and they bc they did have my loans before the end of the month (2/28) the rep told me they would report current to my credit report. Today on 3/2 the loans for the department of education are no longer showing in defualt and my fedloan account also has the option available to print out the letter if i needed to show a lender for a mortage showing my loans are up to date.  So rehab/defualt is done just waiting on the credit to upload. No change as of today. COME ON 35+ POINT INCREASE LOL.

[KitKats]

I completed my Rehab 2/25/2021. Today I got an email from my new servicer ( greatlakes) . My default status still shows on the department of edu. my eddeb is showing 0. I made an account with greatlakes but couldnt do anything further because my default status is still on department od edu. I called them ( greatlakes) and she said they update on fridays so hopefully next week my default status will be removed. 

~ I have 2 questions for you, how long did it take for your default status to be removed on the department of edu website? And as for the rehab completion letter do you get that with your new servicer or the old one ( collection agency). I have no received anything as far as that goes yet. And have recieved anything in the mail. only an email this morning from my new servicer. 

[ChiknNuggz]

Hey after my last rehab payment 2/16 it took about a 10 full days for the dept of ed to show i was out of default BUT it did show my servicer provoder was Fedloan i was able to make an account and everything. I got my letter in the mail from fed loan on 3/3. So time line below.

2/16-last rehab payment

2/23-dept of edut show default loans but new servicer fed loan and i make fedlaon account

2/24- new servicer fedloan offically has my 2 student loans and showing not in default on there webiste

2/28-I call fedlaon and they advised that bc they had my student loan on 2/24 that they did report to credit buero new ontime payments.

3/3- recived letters in mail from Fedloan to setup new payment plan for after the cares act.

All in all it has been very smooth process for me not just waiting for credit to update as of 3/5