@creditchild wrote:
i need a very important question answered. my wife and i are in the process of buying a home. my wife defaulted on her student loan a year ago.
we need about 80 to 90 points for us to qualify for a certain loan. we have spoken to the company(ecmc) that holds her loan. they offered us a settlement
or we can deal with the rehab program. the thing is it takes nine months for a delete to take place and no telling how long for the CRA to update it. is it better for us to just pay in full and see if we get the points we need or do we do the long drawn out rehab? my wife figured if we pay it just may bring the score up some. please can someone give us a input on what we should do.
i doubt you will get that many points just from paying in full, because the negative information that's hurting your scores will still be on your reports. your best bet might be to see if they will delete the entire account from your reports as part of the settlement agreement. they might not, but it's worth asking, since the damage is already done.
