Hi all! I'm fairly new to all this, but have been reading the boards for months and there is truly wonderful information on here! I'm at a point now where I don't know the best way to proceed and I'm reaching out to the community for advice on my situation.
Still in the beginning-ish of my rebuild... I had some personal issues a few years ago (including unemployment) that got me deeply into FICO hell. I have been taking steps to fix things, and apart from a high utilization, my student loans are the main thing holding my scores back. As of today, I have the following scores:
(note: TU and EQ are from Credit Karma, so the "real" ones could be different)
I have 6 separate TLs of "active" SLs that were late numerous times due to (mostly) my stupidity with getting forbearance requests in on time. I have been repaying on time since November 2017 and my loans were all sold to Nelnet as of April. An odd thing is that on TU and EX they are still being double reported as open -- all 6 show as open with CES and Nelnet. Nelnet has 1 month of perfect payment but CES has a lot of lates from 2015- early 2017.
Now... I started a GW letter campaign about a month ago to CES (both emails and snail mail letters) only to get 1 response via email that basically said "NO, we will not change any information, yadda, yadda... " WEIRDLY, EQ just jumped 47 points the other day and now says I was "never late". If you look at the student loan trade lines however, many lates are still there. What it looks like happened was they downgraded a 180 to 120 and a 90 to 60, etc. A few were deleted altogether but most are there. They also are the only CRA to report the CES tradelines properly as "closed."
What should I do here? Do I dispute that the recently tranferred (and late filled) CES tradelines on the grounds that they are duplicates? Why would CES be reporting a different payment history to just 1 CRA? I'm so confused. Do I keep up my goodwilI letter writing campaign?! Please advise on my next steps guys...
I also unfortunately have 2 student loan TLs that went to collections and somehow got lost in the shuffle. One I knew about last year and am in the rehab process. This loan will be out of rehab soon (July!!) --- and its fairly clear that the related collection will be deleted once it's out. Now to my Perkins loan.....This one got completely lost. It's only being reported on 1 CRA (TU, which is also my lowest score) and I just found out about it. There is only 1 TL and it's the original one with the school, not a collection agency, but it does say "sent to collection." It's not a terribly high amount for me to pay off in a lump sum, so I was thinking of contacting the school directly to see if I could pay it off with them and be done with it. According to my reports it will delete in 2022. Now, if I pay the OC (the school) would that be a way to get that TL deleted or back in good standing then? Would they even accept payment direct? Do I have to do a separate rehab on it!???
MANY THANKS in advance!!! I really appreciate your advice guys
I had a similar situation. I was in default on a few of my many student loans. I got a FEFL consolidation loan (Now called Direct consolidation loans). Now I have 2 loans 1 subsidized and 1 unsubsidezed. They can not consolicate the 2. I think you would benifit from a consolidation loan.
Even if some loans are in collections, they are still tracked by the Department of Education. All data can be found in the NSLDS https://www.nslds.ed.gov/
Once your credit improves and you have a solid year or two of no missed payments, you can refinance with someone like Earnest or SoFi. They offer better rates and shorter terms.