15 replies to this topic

[WildCard]

I spent the past year dragging my student loan up out of default, now it is all good to go. They said they would delete all negative tradelines on CR, BUT the loan would report as "rehabed" loan on my report.

Surely "rehabed" loan on my CR can't be good for my score right?

[rjirvine]

My loans are due to be finished in rehab in Feb so, I read your post with interest. I don't know if rehabbed could be considered a negative remark. If it does (and I think it would) I fell it should be removed. I know you can only do rehab once, so maybe that's why it's on there.

I have 5 TL's on my CR concerning SL's. One is for the original big amount that says collection acct, then the 4 loan accounts. I was wondering if the first one would be taken off too.

[WildCard]

I am under the impression that ALL negative tradelines concerning the defaulted loans will be removed.

I hate the way they report defaulted loans...they don't just do it once, its like you said...the full amount and then each sep. loan has its own trade line...negative of course.

I am thinking having all that crap removed should be good for anyones score. I have been told before that the student loans were hurting my credit pretty bad because of the way they have listed them on my CR. I wonder if you could make them delete all the ones except for the one amount (total loan amount) I mean wouldn't the others be considered repeats?

[rjirvine]

I got advice on here earler that suggested keeping the 4 loans open would help my average age of accounts instead of consolidating and having one loan. I think I may keep all 4 of them open for that reason. NCO is doing my reahb, they can be a pain.

[WildCard]

[/quote]I got advice on here earler that suggested keeping the 4 loans open would help my average age of accounts instead of consolidating and having one loan. [quote]REallY ? Even if it's negative accounts?  [/quote]

[rjirvine]

Hmm, let me be more specific.

I have one TL that says Student Loan, collection account, amount owed 0, high balance 13K or so.

Then I have 4 TL's for the various loans that are anywhere form 2-3K each.

I was under the impression that all the loans will be "rehabilitated" and therefore I will have 4 new loans. If the "date opened" stays the same, there will be 4 loans that are 3 years old with no derogs. That would be better than consolidating them and only having 1 TL if I understand everything correctly.

[WildCard]

Gotcha. :wink:

[INeedCreditHelp]

Depends - if its Sallie Mae, they delete the ENTIRE tradeline and open a new one (with the date opened being the date you completed rehab - effectively making them new loans).

[sweetmotions]

I don't think it's fair how if you "rehab" you get the negative items deleted but if you "consolidate" the good tl shows but then the negative items stay on for 7 years. I would REALLY love to find a way to get rid of the negative ones and just show the positive one.

[INeedCreditHelp]

All they have to remove is the 'defaulted student loan' from the TL - they can leave all of the late pays -- its all up to the lender you have and what they will do.

[sweetmotions]

All they have to remove is the 'defaulted student loan' from the TL - they can leave all of the late pays -- its all up to the lender you have and what they will do.

They have it listed as paid collection. 13 entires. It's killing my score.

[WildCard]

I had Sally Mae. The only thing I wish they would do is report the positive year long payments I have made. No can do, so they say. They are going to take off all the added collection costs, (2500 bucks worth, for mail and stamps and phone calls) refy @ 18% and delete all neg. trades.


Word to the wise; PAY YOUR STUDENT LOANS, It will come back and bite you in the a$$, and leave scars.

[rjirvine]

So, I gateher I'll have to call NCO (CA) and see how they will report the TL's once the rehab is done?

My loans are Federal. I would hope they would delete the whole TL and start over, but now I'm worried I may get screwed. Right now they all say 120+ days late, collection account.

[ssajous]

I was rehabilitated, everythig is going fine with everyone so afr the NJ department of eucation is deleting stuff as promised, already off equifax within a week, but I called Sally Mae and they told me that they are going to leave my loan with a Collection mention on it.

What could I do? What is a good letter I could send? :?

[ItalianGirl27]

On EX and TU they took the orignial out of default (kept the lates) and made it a zero balance with paid as agreed. They then opened another account and it's dated back to 96 (helped me!!) never late/pd. as agreed.

ON EQ they deleted the entire first loan and made a new TL (original date too'96) and it's now never late/open.

If anyone is in default ( i was for YEARS) and have a chance to rehab, I suggest it...it's really helped out my credit.

Hope this helps.

Mine is through Great Lakes Higher Education by the way.

[LKH]

Moved to the student loan forum, so those reading there can also read this.