Late payment dropped score 120

[Anonymous]

I have student loans from 2012-13 that I have had in forebarence.
I woke up yesterday and checked my credit because it was a 600 and in the process of rebuilding it and getting serious about it.

Well my credit score dropped 120 points to put my score at a 480.
7 loans came back 90 days late.
I’m heartbroken and I don’t know what to do. This seriously impacts my quality of life.

I have like 200 something forebarence days available. I called fedloan for a retroactive forebarence and they won’t do it.

What should I do?
I will never make up those 120 points.

[Anonymous]

What was the grounds of the forbearance to be on at that time (hardship?) And what was the reason they gave you for denying your retroactive forbearance. I think they will only go back so many months (6?). However I also know FLS gives me made up answers on the phone, even when you speak with a supervisor sometimes.
Try calling back again, speak with an account specialist or whatever they call, and making sure you get the exact reason. If they don't match up, they're likely just giving you an answer off the top of their head. I've also found the chat or email feature on the Dept of Education site very helpful when you want to know the general rules about something like interest capitalization, retroactive forbearance, etc. I save their answer in case I want to write FLS with proof or file a complaint.
Hope this helps!

[Anonymous]

There was no reason I missed that time span. I’ve had the loans for a while and I can’t believe I haven’t missed 90 days before.

They said April-July I wasn’t on forebarence so those are the 90 days in question.

3 people I talked to all account specialists said they couldn’t retroactive forebarence because it already happened
They said the accounts are on forebarence now and will show on time payments.

That doesn’t erase the 7 90 day late loans
I told them this ruined my credit my score is in then 400s now.

There has to be a way they can retro it and it show on the credit unions as it wasn’t late and I get those points back.

[Anonymous]

I don't understand what they're trying you. Yes, it already happened, that's why it's retroactive. Sounds like they're basically refusing to do it, even though I know for a fact that they do. At this point, I'd either write a letter, go to the Ombudsman, or just get all of your papers and evidence together and file a complaint with the CFPB (Consumer Financial Protection Bureau).
From what I understood, once you get the retroactive forbearance you'll them have to send that information (a disute?) to the 3 credit bureaus to get them to remove the lates.

You stated that you don't have a reason for the forbearance but you're on it now. Is the reason you're on it now not valid for those months you didn't have it?
By the way, if you're having trouble making payments financially, have you researched the payments for one of the Income-driven plans? This might allow you to make very low payments (as low as $0) and still contribute positive payment history to your credit report. Just a thought.

[Anonymous]

I got letters in the mail and I saw that it was close to being past due or something and I called immediately. They just got away from me. Thought they were on forebarence, apparently not.
Yea I don’t understand especially because it’s april-July 31st. I literally called 8/1, one day later.

Yes I planned on doing a consolidation but 4 of my loans are ar 4.4% ones at 4.6% and 2 are at 6.4% or so. The consolidated rate was 5.8% so
I’m not going to raise 3-4 interest rates over 1% just to lower 2 rates less than 1%

I’m going to apply for income repayment and I’m on a forebarence now. Once my irs 2017 comes in I can send that to fedloan and get started with the income payment plan.

They need to fix this. My credit is 480. I will never be able to buy a house. I’ll be 37 by the time this comes off my report.

The bridge down the road never looked better lol

[Anonymous]

No, I get that. I had the same thing with my old servicer and it's so hard to keep up with when you're on it and when it's over. Of course if you put it on auto-pay, they are notorious for overdrawing, but never giving the money back. My servicer switch so I got a fresh start.
It sounds as if you also have a financial hardship. I think it's defined as your payment being more than 20% of your Income, so pretty easy to qualify. I don't understand why they are not applying it but FLS can be fickle. Stick with getting then to give it to you; it's tedious but the outcome will be worth it.
In my opinion, forget about using the income taxes. This costs you time. Fill out the income-driven repayment application now, picking a plan. I've found picking the "pick the lowest payment plan" option is a mistake because they often don't do it. It will probably be between REPAY and IBR. Sign it and scan it. Scan 2 of your most recent paystubs with the lowest $ possible. Upload everything to the servicer. This way processes the fastest. The fine print: you only *have* to have your payment recalculated once a year, but you can choose to have it recalculated anytime. So if later your taxes are done and they will get you a lower payment, you can just recertify then. The new payment is good for another year. Have a paycheck where you get a lower amount? Recertify.
Consolation will change your loans to be one big loan on your credit report and I think it will show up as new. With the income-driven repayment plans (which are loan forgiveness plans too), it's very likely your interest will be forgiven. The time estimate for repayment is not accurate because it takes in significant annual pay raises, btw.
It seems like a long road but if you follow the other advice in the rebuild thread, you can improve your other score areas too. It's amazing how many inspiring stories there are.
Don't forget to write down names/ dates/ times. Eventually they will have to fix your account.