My biggest frustration:is not fighting this war(currently in Iraq)but who is at home fighting for my Credit. Being a Soldier is easy versus fightfing lenders(of course Student Loan" AES"). I gladdly raise my right hand to serve our nation in time of war, little did I know that my battle with my lender was evolving into a war within itself. I try to stay up to date with paying on time, having a pro-active approach about all of my paperwork and payment.
They honestly do not sympathize or work much toward military individual, All I have experience is simply hell and frustration. Because of the way they have handle my student loan account as far as reporting and updating information, it has majorlly affect my credit. Being overseas and constantly moving with the Army hasn't aleviated the situation also. I am not asking for sympathy nor charity, I just want AES to properly report to all the creditor on my behalf.
Being in Iraq and a different time zone is not plus in my quest to clear my credit. Any advice and constuctive criticism is greatly appreciated.
Defend of Freedom>
" Attitude is the Paintbrush to Life. It could color any Situation"
I understand your frustration. I am currently in Iraq as well. I set all of my accounts to auto pay through my web bill pay service ( Navy Federal Credit Union ) and that is hands down the BEST thing since sliced bread! From what I understand on these forums your payment history is a huge chunk of your credit score ( ~30-35% ) so if you miss a payment it really kills your score - fast! I messed around with the FICO score simulator and just missing one payment or even several can really be disastrous.
So, set that up at the first chance you can to make sure you dont have any late payments. Secondly, you can call your creditors and tell them you are deployed overseas and most have a clause which will reduce your interest rate and not report late payments.
- I know credit cards do this, but someone help - will student loans do it too??
Thirdly, and I know this is very difficult when you are deployed, but take the time to get your credit reports and write dispute letters. I recently did a dispute from over here from Baghdad and the one to Equifax got there by mail and I had a change in my score within a week ( I was very surprised ). My Equifax score went up by 33 points because they were incorrectly listing an old c.c. account with an existing balance! So, its worth the effort!
Im sure other people here will have some great advice, but those are the things I've done recently and its worked very well, even though Im over here with ya!
Thank you Island and Pilot for serving. I really appreciate it.
Island - Definately do an autopay, or maybe see if you can get a forebearance (if you want that) while you are away. Contact them in whatever form the time difference will allow. I'm sure something can be worked out.
Now, both of you please check out www.anysoldier.com. It's a great way for people like me to help get mail to people like you. Be safe.
Fellow military here. Talk to a financial type (or even legal counsel, if you have one available pro bono) and ask about the Soldiers and Sailors Civil Relief Act (SSCRA). It was an act to help relieve some of the financial burden incurred by soldiers, sailors, and airmen, and includes loans, credit cards, and even housing issues. If no legal counsel is available, google the info. Here's a synopsis:
The possible application for you? You may have your interest rate capped at 6%. Now, first, I don't know your current rate, so this may not help at all. Second, there is no provision for federally guaranteed student loans (so if this is you, again, no help here, I'm sorry).
If you fit that criteria, you can write a letter (I'd recommend a copy of AD/PCS/TDY orders as well; though it's not a requirement, it can grease the red tape trail a bit) to the creditor asking for this benefit under the SSCRA. There is a stipulation that you being placed in military service created the hardship. The act was reformed in 1940 as servicemembers were pulled from decent incomes and dropped into our crappy payscales, (I'm an E5, and it's hard to make ends meet!) and poof, can't afford to maintain things. I don't know if this applies to you, but I will say that the burden is on the creditor to prove in court that this is NOT the case. In other words, if you say so, they take your word for it (which has been my experience counseling various paygrades), or I suppose they could take the time and money to take you to court and try to prove it's not the case, which would be difficult at best.
I hope this helps. God bless, stay safe...
A brother in arms
Outer Banks Frank
"Success is nothing but luck...Just ask any failure!
Fairly=FairIsaac should be re-programmed to recognize that those who have served our country show much more of a commmitment to building themselvees than those who simply travel the threads on here, and have learned to really game the game.
God bless you for your service. FICO may not appreciate it, but those here in the warmth of our homes really do. Maybe someday your service will be appreciated.