SL Rehab after 12 years. What can I expect it to do to my Credit

Nov 072010
 

I defaulted on a student loan back in ’98. Young dumb and now trying to correct that.

 

Recently I moved and started a new job and began worrying about my credit. I got my 3 reports to find out who holds my SL so I can clear it up thinking my credit was totaly trashed. I was surprised to see it’s not on any of my reports. Nothing was since i wasn’t using credit for the last decade. I couldn’t get a myfico score since my report doesn’t have anything 6 months of age on it. Just my WF secured CC and now a Cap 1 secured CC. Both a month old with UTL of %6. FAKO’s scores were TU 712, EX 726

 

Being worried about possible surprise garnishments or the SL being rereported I contacted the CA when I found out who had my loan. I started the rehab program this week with $183 a month payments. My Loan was through Direct Loans for $6924 and now has interest of $4615 and fees of $2809. They knocked the fees of when I started rehad and said 1/2 of the interest will come off if I PIF. I can’t afford to do that right now though.

 

My concern now is what happens after Direct Loans get my loan trasfered back to them? I was told by the CA that default status will be removed and the loan put in good standing on my reports, but since the loan currently isn’t on my reports will it just pop back on in good standing once I’m out of rehab?

 

My AAoA is currently 1 month so potentially this could be a good thing for my report but I’m still a bit.

Student Loan sent to CA (offering rehab)

Aug 112010
 

Any help/advice would be appreciated.  I had two student loans (CSA) that went into collection (progressive) and has been in collection the past 4-5 yrs.  Each loan amount is only $2000 each and the CA offered a rehab program (9 month payment) at which time, the negative report will be removed.  I heard from the board that the government offers rehab program and wanted to know if the rehab program offered by the CA is legitimate.  I know that paying off the collection will result in the negative being in my CR for a long time and wanted to know if the rehab program the way to go.  I also wanted to know what the monthly payment would be for joining the rehab program.

 

Thanks a bunch.

 

 

New Credit Lines for rebuilding

Mar 302010
 

So I’ve been working at rebuilding my credit and I’m looking for some advice on new credit lines that could possibly help me in the rebuilding process.

 

At present, here’s what my credit report looks like:

 

-I’ve got an AMEX (held onto and maintained from long ago) with a low credit limit and low utilization.  

-A a paid off car loan and an existing car loan-both in good standing.  

-Two 3 year old paid Verizon charge offs.

-A four year old paid off HSBC charge off.

-A four year old paid tax lien.

 

Now here’s the rub-I have 10, yup-10 student loans that are currently in rehab and will go back to the dept of ed for consolidation in Nov.  The problem is that they show as 10 separate delinquencies until the rehab program is completed.  Obviously at that point I’ll receive a boost, but while I’m waiting I’m trying to figure out if it makes sense to explore some other trade lines to maximize the bounce I will get at the end of the year.  

 

Anyone have any thoughts on this?

 

BTW-current score is EQ-573

 

Thanks

 

 

Need help because I’m an idiot ! :(

Mar 042010
 

I have a defaulted Perkins loan for $1830 that’s hurting my credit so I want to rehab it. I’ve been stupidly paying the CA $100 a month for 4 months and not even in a rehab program because I never called them to set one up. So I canceled my debit card and called them to set one up and they said ok, that they would supposedly contact the school to see if they would allow a rehab for it. They (General Revenue Corporation) called me back three days later and said that the school finally got back to them and agreed to rehab, but the school wants me to keep making $100 payments for 9 more months. I told them I could only afford $50 a month which from what I know should be more than enough. If I agree to this and keep making $100 payments, this is will put me under $1000 at the end of rehab and ineligible from rehab completion right? So what can I do now? :(

I owe the dept of ed $2,500. How should I pay this to best help my FICO score?

Feb 122010
 

I have one loan that is listed as owed to “US Dept. of ED/FISL/SF” for $2500 it was opened 8/03 and EQ shows last activity on 4/05 it is listed as 120+ past due. I want to pay this off but in a way that is going to have the most positive impact on my FICO score.

 

Should I just call the dep of ed and pay it?

 

Should I ask for a PFD?

 

Should/can I get it in the rehab program?

 

What is going to be my best course of action here?Â