I've been working on my credit for just a month now and today was the day to start tackling my SL's. I have 5 loans which total approx 31k. All are through Sallie Mae - 1 is open/positive and has on time payments since repayment started (approx 10/08). The other 4 were defaulted .... I had never made a single payment ( my fault, wasn't on top of my loan situation, blah blah blah).
I contacted DOE who is handling my 4 defaulted loans. We arranged 9 monthly payments of $140 to get me going with a rehab. First payment was made today, next payment will be 12/20.
Then contacted Sallie Mae and requested a lower monthly payment since I think it's going to be a little difficult to afford the new DOE payment in addition. They were able to offer me an interest only payment for 2 years at a price that is $80 less per month than my current monthly amount due. Then my payment will go up by $20 from my current amount for the remaining 10ish years. I took this option because I have a car loan which ends in 1.5 years and should be financially able to take on the slightly higher payments at the end of the 2 years.
I'm excited to be taking the steps to fix up these accounts and my overall credit. Hopefully Sallie Mae will remove all negative tradelines and I'll see some improvements when all is said and done.
And.... Thank you to this forum and the users... I had no idea about SL rehab until this AM!!!
I contacted DOE who is handling my 4 defaulted loans. We arranged 9 monthly payments of $140 to get me going with a rehab. First payment was made today, next payment will be 12/20.
Then contacted Sallie Mae and requested a lower monthly payment since I think it's going to be a little difficult to afford the new DOE payment in addition. They were able to offer me an interest only payment for 2 years at a price that is $80 less per month than my current monthly amount due. Then my payment will go up by $20 from my current amount for the remaining 10ish years. I took this option because I have a car loan which ends in 1.5 years and should be financially able to take on the slightly higher payments at the end of the 2 years.
I'm excited to be taking the steps to fix up these accounts and my overall credit. Hopefully Sallie Mae will remove all negative tradelines and I'll see some improvements when all is said and done.
And.... Thank you to this forum and the users... I had no idea about SL rehab until this AM!!!
Starting Score: EX: 560 on 11/1/11