Well, all my lates leading up to the defaults had aged off and all that was showing was the default itself. Experian is reporting correctly for me so that score is over 720 but the other two are not reporting correctly. My Equifax is 673 and TU is 664 or something like that. In any event, my middle score of 673 is good enough for FHA. I did have to do a supplemental report thing where a lady from Credco conferenced me in with Direct Loans and they confirmed that the loans were rehabbed, etc. This is after I sent them copies of all the documentation.
That said, he couldn't get me approved on a conventional at all because of the defaults showing, even with all the documentation I have. If I was doing a 30 year that would be a huge issue because a 720 score would get me a nice conventional with less MI than FHA but since I'm doing a 15 year Mortgage the MI is much lower and it comes out about even.
Just made my 9th on-time payment on my student rehab account. Lady said that because Direct Loans is going through a conversion right now, she won't have any account status info until Nov 15 on whether Direct Loans is taking my account back, or if I'll have to continue repayment through them. Sound legit, or BS?
Man, I just have no idea. I called them the other day to see what they could do about no reporting the negs. Again, they told me that they forwarded the info to the bureaus and now I have to contact the bureaus myself if I want them taken off. Which is BS.
Also, I got a SW alert today on EQ where Direct Loans updated my info on my positive tradeline with them. They updated it as transferred/sold and are reporting a zero balance, which is totally incorrect...I don't know **bleep** is going on with them, but I want my stuff reported correctly, I finished rehab in June for gods sake. This sucks.
The only reason I even wanted to go through SL rehab was to clean up my credit report as much as possible. I've got the cash to outright pay off what I owe, but I figured this would be a much better option. I'd hate to have gone through all of this effort for the past 9 months, just to be told "oh well, you won't be rehab'd."
My scores are nearing 700 now. woohoo.
Congrats! That's where I'm hoping to be when/if my student loan stuff gets cleared up! I'll still have a couple collections due to fall off in 2013, but everything else will be cleared up. Shooting for the 670-680 range.
I just started rehabing my loans with three collection agencies. My Loans were Sallie Mae, Direct Loans, and Great lakes Higher Education...I've made 3 payments so far...on payment #2 GLHE updated mi CR's with a positive loan now, and I do not see a negative one on any of my 3 CRs...the other two are showing the Defaul status obviously until I make my 9th payment in April. The collection agencies I'm working with are NCO, DCS, and FAMS if that helps anyone...I am hoping it will help bump my scores next year! Hubby is getting out of the Army on a medical retirement, and we are moving to FL where we would like to purchase our first home...Hoping to apply in July 2012 =) Our scores were pitiful this past july in the mid to high 400's, Just checked my scores today and TU went from a 496 to 569 so far over the past 4mo (we paid off a car loan, opened two secured credit cards, and I was approvedf or a Military Star credit card with a CL of 3100.00 which totally jumped my scores!) Hubby's scores for TU went from 416 to a 544 in four months as well...REALLY hoping these rehabbed loans will put my middle score over 640 so we can buy a house, we should have all old debts/collections paid off by January and even though they don't help your score much hopefully it will at least look better!
I don't know if that's BS or not. I just spoke with DOE today and had to ask for a supervisor because the rep was telling me it wouldn't rehab until December. I made my 9th payment in August and I have Direct Loans. Because of that system change, they've been screwed up for the past month and a half. I don't believe anything those people say anymore. I'll believe it when I see it.
I have been following this thread since I am on month 4 of rehab with Direct Loans, and can say for certain that since their October system/website change, they are majorly FUBAR. My payment from a month ago hasn't posted yet, and I am getting very worried. I keep calling them and they say "Don't worry, we are backed up on processing data from millions of loans, your payment will count from the day we received it. Just keep paying as normally scheduled." Not very reassuring, neither is their new website (myeddebt.com) that goes down every other night for 12 hours and looks like it was made in 1997.
My payments have been debited from my account on time during this transition, that is not the problem, may tradelines are. My problem is that I don't know weather to keep pursuing this with DOE or with the bureaus. I have 6 loan tradelines and would have to dispute all of them on EACH report. I don't want to run the risk of the bureau's somehow validating the debts. They are reporting as past due amounts, but if they wanted to, they could still report them as old collections with zero balances. I want to make sure I get them taken off completely. My last rehab payment was 5 months ago yesterday, the loan officially rehabbed over 4 months ago...I'm beginning to get very impatient.