I've searched this forum for any information or posts about Sallie Mae and can't really find anything useful, or else the posts were from 2003 and 2004. I need help and what currently works (or doesn't work) with regards to negative Sallie Mae trade lines.
I co-signed a Sallie Mae loan for my daughter back in Jan 2008 and it went into repayment about a year or so ago. I didn't know the repayments were starting and my daughter ignored the first 3 to 4 months, so by the time I found out there were already 30, 60, 90, 120 lates on my credit report.
I got the payments caught up and scolded my daughter and told her the importance of paying her bills and how it affects me as well.
She kept up for a while but then lost her job and couldn't make payments, but she did arrange for a forbearance (which for some odd reason Sallie Mae only does 3 month forbearnaces?), but she gave them her checking account number from our Credit Union, but forgot she had just opened a new account at another bank. To get the forbearance she agreed to let Sallie Mae draft her account once the 3 months were up.
So she gets another job and has direct deposit to her new bank account, so after 3 months Sallie Mae starts trying to draft the payment but from an account she is no longer putting money in.
So here were go, she didn't catch the problem and I was unaware, and after the 2nd failed month of trying to draft from her depleted account, they "reversed" the forbearance and reported 30, 60, 90 days lates for the 3 months that were supposed to be in forbearance plus by the time I found out another month has passed so I have a 120 late as well.
By the time I found out I had another hit on my credit report. I talked to them over the phone and explained the situation and begged them to remove the late payment trade lines, or at least the worst one, etc ....but to no avail ...they really seem cold-hearted.
So, I have a 30, 60, 90 from Sallie Mae from about 1 year ago, and now another 30, 60, 90, 120 day late for the months of Dec 2011, Jan 2012, Feb 2012, Mar 2012. I caught up the payments back in March, so April and May show fine on my report - Paid as Agrees, but the damage has been done.
Is there anything that will work, any sort of Good Will letter or some technicality that I can use in this situation. This has tanked my score, checked myFico.com score and it was 657.
How much time will have to pass for these 30, 60, 90, 120 late trade lines to not hurt my score so much?
Thanks in advance your any help or suggestions!
Any idea just how much this dropped my FICO score, the recent 30, 60, 90, 120? What might my score really be like if not for the Sallie Mae negs?