First, I bought a house, got 7.65% 100% financing, after LOTS of work on the previously below 500 score. I was over 620 on two, now back to 580!!!!!!!!!!!!!!Dang. I need to refiance to drop my PMI ($300/mo) before I change careers. . .here is my question. I have 5 dispursements of student loans. I graduated in Dec 1996. 6 months of deferral puts first payment due July 1997. I never made a payment and defaulted. Sallie Mae/Student Market show account opened 3/1997, last reported 6/1997, but shows first 90 days past due in 10/1997 (5 negative items). These were all transferred to USA Funds (the guarentor) for another 5 items starting 3/1998. Then they were consolidated in 1999, I have been current since 2001. (1 item). That gives me 11 negative items for my student loans. I previously had 19 negatives (and no positives), now have 10 positives and these 11 negatives. HELP. I am in my 7 year window. My questions are: 1. When does my seven year clock end? July 2004? 2. I have read (my cannot find a clear answer) that the 7 years may be different for student loans. Any comments? 3. Will the 7 year clock be for just the first 5 items? Or can it apply to the second 5 items? (I want to leave the last one because it has 3 years of on-time payments). 4. I have tried DILIGENTLY to get these removed before--has not worked, so I just have to wait for clock to run out. I just need some feedback on how I can push the envelope on that. THANKS!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Oregongirl
the 7 year clock is figured just like b-days. the year in question is year 0, and the 7th b-day would be the obsoletion date. So July 2004, SHOULD be the obsoletion date, but that allows the entry to remain through the end of July 2004. CRA's don't do days of the month. If the second set of negatives is showing a different open & activity date. You may be able to dispute those as being incorrect dates, and duplicates of the other trade lines. You'll want to use Johnson v. MBNA to demand that the data furnishers actually obtain the hard copies of all of the paperwork to conclusively verify the account opening & payment history dates. The key part of Johnson v. MBNA is that if they can not conclusively verify the information, they MUST report that they can not conclusively verify, which requires that the CRA delete the trade line.
