Hi, Will someone please explain to me how my experian score could drop 58 points after making my first payment on my loan rehabilitation??????? This is rediculous - now my tradeline shows a "now current, was collection" and THIS makes my score drop WTF??? I'm about to give up even messing with credit repair at this point. -Sal
Sal, I will answer your question as best as I can. GEORGE if you do not mind me using your copyright. RNG Honestly Sal, we have all been going through this Student loan crap and I gotta tell you, I really do not know, did it reage? no changes except payment status?
Sal,, who the hell knows, isnt it aggravating, did the tradeline re age? perhaps making it a newer CA item? I read that re aging a CA item if paid, kills your score, also I read that if a tradeline history isnt complete ( missing date open, or missing DOLA) this is the only way a Tradeline will be re aged, unless done on purpose,,,,,, but hey Sal, now you have me thinking,, I entered rehab in 2/2002, paying every month,, well the dept of ed,, immed,, updated the tradlines, from date last reported 1/97, for EVERY month from 1/97 to2/2002 as Collection acct,, its insane under the 3 tradelines,, its lists every month Coll Acct,, and ended w/ 2/2002,, but even with these new 1 mile long Coll acct writings, it didnt effect my score, get that,, hun,,,, and I have been real angry, cause he we are 8/2002 do you think on the three lines they have ever added at payment, Hello, recent payment? no..... nothing just 2/2002 CA item, now I find out tonite that federal leg says they have to update payments, but they didnt,, plus I just found out, that contrary to what the CA for dept of ed told me,,, and is written in our rehab agreement!! that the tradelines will be deleted after 12 months!!! I have it written and was told just all negs will be removed, I thought GREAT, 3 tradelines from 1988 Paying as agreed!!!! nope my score will suffer when the lines disappear and a new loan is created,,,,,,,, sucks big time!!!!!
I remember the person who was trying to get me to rehab saying that they would delete the old tradeline and I would have a new one. Which of course translates into FICO DOWN bigtime. Sal have you been reading lyttlemac's thread on Student Loans, at this point I am totaly confused
sal, why are you even paying this loan back... isn't this the one where the school closed on you... wth is going on with this?
kbager, Lilgong, I looked and looked at the tradelines, and nothing has really changed except it now say's "current, was collection account" The age of delinquency has not changed except now it states its an open account (I suspect this is where its screwing over my score) All I know is now this IS NOT A LIABILITY but it somehow makes me look worst.................I GIVE!!!
Uniondiva, I tried and tried and tried to fight this, but nobody could help me. The dept of education has me by the short hairs - they were planning on garnishing my wages...I AM NOT ABOUT TO LET ANYONE TOUCH MY WAGES!!!!! I written everyone I could think of Dept of education Senators, Congressman, and our Governor of California even the press....................All I get is a deaf ear. The collection agency was calling me at work, calling me at home, and basically degrading me and causing me mental anguish......... I was screwed and nobody really cares, all they tell me is that I went to the school and now it's payup time - forget about the fact the school lost theyre license due to school loan fraud, forget they closed, forget the whole thing. There is nobody left to sue, so I can't even think about that. -Sal
Sal, How much is the loan we are talking about? when you say the tradeline changed to "open" do you mean from "Installment" in regards to type of credit? or do you mean the tradeline was previously closed, charge off etc,,, when was this loan,, or excuse me,,, after reading how Student loan can be reported,,, When did it start to be reported since? The only thing I can imagine, for such a blow, is that somehow its being calculated as a fresh collection item...
Lilgong, Sal, How much is the loan we are talking about? when you say the tradeline changed to "open" do you mean from "Installment" in regards to type of credit? or do you mean the tradeline was previously closed, charge off etc,,, when was this loan,, or excuse me,,, after reading how Student loan can be reported,,, When did it start to be reported since? The only thing I can imagine, for such a blow, is that somehow its being calculated as a fresh collection item... The loan was for about 10,000 - but once it went into default it was closer to 14,000. The tradeline always said "collection account" and name of the 4 tradelines were California Student Aid. The collection account was always reported since 01/2001 and still is ("As of 01/2008 this account will go to a positive status") Any idea whats going on here for me to drop 58 points after curing a default? - this is pathetic -Sal
Sal I gotta tell you your posting has caused me much concern. I have been thinking of doing this rehab thing and from what you say,it is more negative than it is positive. I know there is another thread discussing student loans, but if anyone can just answer all our questions of this issue we would all be happy. What I am wondering and others too are: 1. If student loans have no SOL, then do they fall off after 7 yrs 180 days? 2. How come some of these people reage after only one payment. 3. If a claim has been filed against the US ED why does the balance not say 0.00 What do all you people think, or should we start another Student loan thread that really get to the crucks of this matter. I have 8 tradelines of Student loans and not a clue on how to fix them in a positve light.
I guess California Student Aid is the guarantor of the loan? or the lender? the reason I ask,is that I have come across two very conflicting laws on how guarantors can report student loans,,, I guess I should be happy that the three loans I rehabbed in2/2002 were just updated Collection item,, and nothing else,, the dept of ed,, itself isnt following the Higher educ act on that fact that they must promptly report payments on defaulted loan,,,,, by the way,, who did you rehab htese loans with ???????? well,,, after 12 months the tradlines should be deleted,,, and four new ones,,,,,, another score killer,,,,,
Lilgong, I was reading your thread and got confused. Not to Highjack your thread Sal but I just need some answers. Here are my loans 2 by AMS Serving Group reports with previous payment history and as collection acct. How can they report payment history on a collection acct? I never set up a payment plan with them! 4 by Iowa College aid Commission reports with Payment history and as defaulted loan claim filed against guarantor 2 by Sallie Mae report with late payments and transefferd or sold balance 0.00 1 US ED reports as collection acct All these loans make me sick
Kbanger, The LAST thing I am trying to do here is to get you discouraged about rehabbing your loan!!!! You need to rehab those loans ASAP - don't even THINK about not paying them. Those bastards will make your life a living hell. They threaten threaten threaten - and they can garnish you (whatever you do, do not let it get to that point) Forget about what it does to your score if you start the rehab, because they HAVE TO remove the all the negative remarks after 12 payments (care of the HEA) The only reason I'm all pissed about my score is because its just all so rediculous how they can kill my score like that (although it will only be temporary) Anyway I feel very confident in telling you to go ahead and rehab it - it's your right, and you will definately fix your credit that way. -Sal
