How long before late payments clear from Navient?

[Anonymous]

Back in 2013-2014 when I was in the throes of my financial doldrums, I let my Navient (I think it was still Sallie Mae then) lapse for several months (getting up to 120 days late, the last such date being January 2014) before I finally got it together and called them to explain the problem and request a financial-hardship forbearance, which was granted. I've been in repayment since December 2015 and have stayed on-time right up to today (in fact, I should write up my March check today to get it in the mail).  So my question is, how much longer will it take for this negative to clear from the credit bureaus' (TU, EQ, EX) reports?

[Anonymous]

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@Anonymous wrote:

Back in 2013-2014 when I was in the throes of my financial doldrums, I let my Navient (I think it was still Sallie Mae then) lapse for several months (getting up to 120 days late, the last such date being January 2014) before I finally got it together and called them to explain the problem and request a financial-hardship forbearance, which was granted. I've been in repayment since December 2015 and have stayed on-time right up to today (in fact, I should write up my March check today to get it in the mail).  So my question is, how much longer will it take for this negative to clear from the credit bureaus' (TU, EQ, EX) reports?

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7 years from the first 30-day late.

[Anonymous]

So that'd be late 2020, then, meaning that I actually only have about three and a half more years to go. Good to know; I thought it would have been dated from the last late date. (I know that I have a satisfied judgment for late homeowner's association fees, back when I owned a condo, that should expire probably next summer, and my BK will expire either in September or December 2021, depending on whether they count from when it was filed or when it was discharged.)

[remethy]

actually, you were correct, it's 7 years from the last late payment, not the first one.  If you never brought the account back to current, then it would be 7 years from the first one since that would be the date of first delinquency.  But you did, so each late payment will age off 7 years from when it occurred, and the account will show as a positive tradeline 7 years after the date you brought it back to current.

[Anonymous]

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@Anonymous wrote:

So that'd be late 2020, then, meaning that I actually only have about three and a half more years to go. Good to know; I thought it would have been dated from the last late date. (I know that I have a satisfied judgment for late homeowner's association fees, back when I owned a condo, that should expire probably next summer, and my BK will expire either in September or December 2021, depending on whether they count from when it was filed or when it was discharged.)

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If you mean to say that you brought your account current, then went late again, then it would be from the first 30 day late of the most recent period.

You only spoke of one period of lateness in your original post.

Also, are the loans still listing on the same tradeline?

Technically lates on a student loan are allowed to report until the loan is paid off.

[Anonymous]

I went to look at the most recent hard copy of my TU report to clarify this. I got hit with a 90-day late in September 2013, and then 120-day lates from October 2013 to January 2014. The status reported "unknown" from 2/2014 to 11/2015 (in fact, I had applied for and been granted a financial-hardship forbearance for that period), with four months marked "OK" from 2/15 to 5/15. I began regular repayment in 12/2015 and have stayed current since then, in fact, I sent in my latest payment on Monday. The 9/13 - 1/14 period is the only late period from 3/2010 (the earliest date for this loan reported as of March 2017). Counting the months reported on my TU report, it looks like it'll actually be 46-47 more months before the last late (1/2014) on this loan drops off my report as of 2/2021.

I'm really wondering if there's any way I can refinance the remaining principal balance (which was $5,440 as of January 2017; it'll be a bit lower now) to lower the interest rate, which was set at 8% when I originally refinanced this loan with what was then Sallie Mae. I've been considering moving it back to Penfed - which, oddly enough, is whom I got the loan through in the first place - but I seem to have read something here about BK being something that'd scare them off from agreeing to that, though I don't remember for sure.