/ Register

Many Thank yous!!!

Discussion in 'Credit Talk' started by Jenasea9, Aug 6, 2002.

  1. Aug 6, 2002 #1
    Jenasea9

    Jenasea9 Well-Known Member

    First I want to thank everyone for their support and knowledge...even with some posts with no responses lol I ask too many questions :)

    anyway in just one months time, I have improved greatly:

    Equifax: 6/22/2002 527 8/3/2002 577
    Experian: 6/20 546 8/5 532 (changed a good to bad currently being corrected)

    TransUnion 6/14 466 8/2 504

    And this is with 16 student loans showing 30 and 90 day lates, waiting the 30 to 45 days for correction have letter from Citibank stating they will correct.

    Ford Motor corp showing 30 days late...have UDF waiting the 30-45 days for it to appear

    Plus a Collection account I got a letter from yesterday stating they would delete since they cannot validate :)

    Thank you so much and I really really do appreciate the advice and tolerance of my ignorance. I finally have hope again and this is only the beginning :)
     
  3. Aug 6, 2002 #2
    kbanger

    kbanger Well-Known Member

    Congratulations, My main problem is those student loans too, I am going to rehab them. I heard that Direct loans will rehab in as little as 4 months
     
  4. Aug 6, 2002 #3
    Jenasea9

    Jenasea9 Well-Known Member

    Mine were not ever late...they just reported them that way (prob why it was so easy) I had a forbearance for the 90 days and I was inschool so had an In-school deferment for the 30 days :)

    Good luck.....I hate student loans...
     
  5. Aug 6, 2002 #4
    kbanger

    kbanger Well-Known Member

    Mine are late and I will tell you first had, keep those bad boys current. There is no SOL on student loans, and they never go away.
     
  6. Aug 6, 2002 #5
    marci

    marci Well-Known Member

    This is NOT true. Direct Loans will *consolidate* in as little as 3 (=4) months. There is a world of difference bewteen consolidation and rehabilitation.

    Rehabilitation takes a full 12 (=14) months to complete.
     
  7. Aug 6, 2002 #6
    kbanger

    kbanger Well-Known Member

    Thanks Marci, I heard that from someone on the board an a second opinion is always appreciated
     
  8. Aug 6, 2002 #7
    thickman66

    thickman66 Well-Known Member

    Marci is correct. You do not want to consolidate until you have 1st rehabed for the 12 months.
     
  9. Aug 6, 2002 #8
    marci

    marci Well-Known Member

    kbanger,

    Don't base your decisions on people's opinions. Go to the source.

    www.ed.gov/directloan or www.ed.gov and search for "Direct Loan". It is also called the "William D. Ford Foundation". Ask for a consolidation packet from them (or download it for free) - and read the packet. It will Explain the difference between the two ways to get out of default, consolidation v. rehabilitation.

    Better yet, do a search on www.ed.gov for the Higher Education Act - and read it all, particularly the part on the Rehabilitation Section.

    A wrong move on this could mean the difference between a clean credit report and a seriously damaged one.

    So make sure you know the facts well before proceeding.
     

Share This Page