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My last payment is scheduled for tomorrow. I know that no matter what my credit score is in for a boost but I am not sure how much because of my scenario. The way I understand things it should take 30 days to update the current trade line and then another 30 days to update the realted trade lines. I am at a 657 now with the student loans being the only negative marks on my report.
A while back I had some loans in default. In an attempt to correct the situation I did a loan consolidation. I kept up with the payment for a while until I had some financial dificulties. Untimatly my new loans went into defualt. Last year I decided to do the rehabilitation which as I noted will be completed as of tomorrow. These are Direct Loans held by the DOE as were the original loans. I expect that the removal of default status and for the loans ot be changed to PAA. What I don't know is what will happen to the trade lines for the loans that were consolidated. Since they were closed out in leau of the consolidated loans with they be changed to PAA as well? Those old loans currently are noted as transfered or sold. They also have my worst deliquency listed as 120 and list how often I was 60/90/120. I would hope that since these are all the same student and all from the DOE that they would all be fixed but I am not confident the older one swill.
If anyone has any experience with this I would love to hear from you.
We finished our rehab program and the loan was picked up by FedLoans as of Aug. 1 2014. How long before the negative information is deleted from our file? Transunion has already updated a couple of them but we had 4 total that were rehabbed... there was one stafford loan and 3 additional unsbdz stafford loans.Original creditor was Sallie Mae. We are about to do a rapid re-score with a mortgage lender. Do you think it will help at all?! We are in a HURRY to move!
They all say 30-60 days but I'm looking for someone who has ACTUALLY been through this process to explain to me how they actually got all of the negatives off their report and how long it took!
@Anonymous wrote:We finished our rehab program and the loan was picked up by FedLoans as of Aug. 1 2014. How long before the negative information is deleted from our file? Transunion has already updated a couple of them but we had 4 total that were rehabbed... there was one stafford loan and 3 additional unsbdz stafford loans.Original creditor was Sallie Mae. We are about to do a rapid re-score with a mortgage lender. Do you think it will help at all?! We are in a HURRY to move!
They all say 30-60 days but I'm looking for someone who has ACTUALLY been through this process to explain to me how they actually got all of the negatives off their report and how long it took!
I am waiting to make my last payment in November, but I worked with a credit consultating agency for the past year and had all but 2 loans removed. They agency told me to dispute the loans with each agency after I make my last payment. Once your payments are completed it is noted in the CA system immediately that the debt is satisfied. By disputing it you get faster results as they will have to report it has been satisfied. This is what I was told to do for faster updating. If not they said I may have to wait up to 90 days possibly for all thd correct info to be updated and submitted to the bureaus.
Me too!! You have progressed a little further than me. My Sallie Mae paper came in the mail yesterday stating that they were picking up my loans. The old servicer, ECMC, has removed the defaulted status from their website...soooo now I'm just waiting to get those notifications about changes to my CR's hopefully soon. I am going to use this opportunity to grow my credit garden even more. I only have a combined loan balance of $3387...1st pymt to Sallie Mae is scheduled for Oct 15. Better believe I'm gonna make a few payments, let that reflect on my credit as well...then pay it off at tax time. Play the game...
After you complete rehab and finish paying off the remainder of the loan, how long student loans stay on CR?
@Anonymous wrote:After you complete rehab and finish paying off the remainder of the loan, how long student loans stay on CR?
The new positive tradelines should stay on your report for about 10 years after they are closed, just like other types of positive tradeline. If any negative information remains after the rehab is complete, that info should only remain on your report 7 to 7.5 years after it was reported, and it should then age off.
@SCF wrote:
@Anonymous wrote:After you complete rehab and finish paying off the remainder of the loan, how long student loans stay on CR?
The new positive tradelines should stay on your report for about 10 years after they are closed, just like other types of positive tradeline. If any negative information remains after the rehab is complete, that info should only remain on your report 7 to 7.5 years after it was reported, and it should then age off.
Thanks!!
Made my final payment on july 27th 2014. The loan was picked back up from great lakes pretty quickly. I still havent seen the updates on my CR yet though. I called and they said they didnt send the updates until this week so it could be another month or so before i see the updates. Ill keep yall posted.
TU 578/ EQ 605/ EX 619
😭