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Found 70 results

  1. Hi, I'm new here and got a notice from a credit agency on my private student loan. It's been 3 years since I last paid as I was contesting the amount and got sick. I signed for the loan in D.C. and the loan originated in OH. I now live in OH. I also stopped paying while I lived in NY (before I moved to OH). I just got a letter from a CA based in NY state (don't know if the CA state location makes any difference). My question is which SOL will apply? OH, NY or the shorter DC SOL of 3 years? OH has a number of SOLs, 6 years, 8 years so I'm not sure which SOL would even apply to the promissory note for the bank based in OH. How could I look this up at a law library. I'm not very familiar with the process if anyone could help with legal research ideas? I'm also contesting the validity of the loan because the promissory note states that the repayment period is 240 months and I think I have passed this point. Any help I can find would help a long way; very stressed out by this situation---there are so many ways this could go---if the CA goes through with a judgment and wage garnishment (I'm disabled and earn a very small part time income) can they revive the judgment every five years for 15 years (OH) even after the SOL expires on the private loan itself (3 yrs DC SOL, 6 yrs NY SOL, 6 or 8 yrs SOL OH)? I don't know if I should just ignore the CA or write them to dispute this loan (and risk waking the sleeping giant) or wake the sleeping giant with a dispute letter and prepare myself to go to court (have no idea how I would defend myself but would like to dispute amount of the loan, SOL etc). This all seems very risky. Can this debt sold to a credit agency be invalid?
  2. Hi everyone! Just joined the community after hearing great things on an number of personal finance forums. I'm trying to rebuild my credit so that I can get a good mortgage hopefully by the end of 2020. Specifically, I'd like to increase my score from 568 to above 700 -- I know that's ambitious. Some positives. Several weeks ago, I paid off the remaining balance on my CC debt. I'm now in the middle of consolidating my student loan debt, which racks up to about $42K. I'll begin making monthly payments as soon as that process is complete. The not so good. The student loan debt mentioned above. I also have four collection / chargeoff accounts at Cap 1 (x2), Discover, Wells Fargo and Discover. I don't know where to start. I've recently tried applying online for a number of secured credit cards with Cap 1, Discover and Citi but have been denied due to my past issues. Are there any banks that will accept me? What are my other options? Any advice is welcome and I'm ready to do whatever it takes to reach or move closer towards my goal. For what it's worth, salary is between $100K and $120K and paying about $1.3K in rent every month.
  3. I’ve been receiving emails from a school I attended 10+ years ago. They are a large state public university and have recently started sending me emails and letters stating that I owe them for small loans given by the university themself. Of course these small loans (maybe two $500?) have now suddenly become thousands. I have no recollection of these (although they may be correct). I have consolidated Federal loans that I’ve been paying for years and am current on. Are these loans considered private loans? If so the SOL has long since run out. I haven’t replied to any of the emails or the statement I received via snail mail. Thanks for your advice!
  4. Hi, In 2010, while unemployed I decided to go back to school to get an MBA in Project Management at Jones International University. I was already working in the field so I thought that the MBA was going to give my career a boost. While in school I didn't feel I was learning much and I stopped studying for a while because I got a new job and had no time to commit to classes. While this was happening my loan was in forbearance. At some point I decided to go back to school and I learned that he school was closing. I requested my credits/transcripts to see if I could transfer to another school and finish what I started but it's been 4 years and I still don't know where the transcripts are, and I now have a $55K student loan with Great Lakes. This debt is crushing my credit, and I don't know what to do to get rid of it. I obviously can't afford the IDR and to be honest, why should I pay for something that I don't have?! If I try to delete this from my credit, I'll lose the payment history so my scores will tank (0 lates). I am not a public servant so that one is not an option for me. I seriously don't know what to do now. Your advice is more than welcome!
  5. Hello all, I filed bankruptcy last year and was discharged 7/20/17. Good news I guess - but my scores still suck, currently my TU and EQ scores are in the low 500s. My EX score was at 600 last time I checked. I have floated in and out of this forum and other websites looking on how to start the rebuilding process and just end up feeling overwhelmed. I aspire to have better credit, just don’t know where to start and feel kind of hopeless. I thought perhaps I should start a thread for advice and to even maybe motivate me. I have done some online disputes here and there but, haven’t been very diligent about the whole process. Also, online disputes seem to be a miss for me unless I am having addresses removed (EX excluded). Since the discharge, I have been approved for a few store cards which I don’t use...but that doesn’t help my score at all. So here is an overview of what’s left on my credit files: 1st off - I have two bk reporting on my reports. One was dismissed, which is from last year because my attorney had an issue getting the fee in on time (negligence on her end). The court had to open another case, which is the case that is discharged. 2nd - All of the accounts included in bk are reporting correctly except for DCU and a CapOne acct - I disputed and the CRAs said these accounts are valid! I should add that I did it online, which was probably a big no no. Can I redispute by mail along with my discharge papers? I should add that I burned CapOne, NFCU, Credit One, Chase, Penfed, and DCU. Not sure what options that leaves me with for the secured/bk friendly card route. Discover did approve me shortly after the discharge for a secured card but, I never gave the security deposit. I think I wasn’t really ready and didn’t want to get the card without knowing how to use it to benefit my scores. 3rd - I have some accounts that were not included in the bk that have lates, along with a student loan (Perkins loan being handled by ESCI )that has lates. These lates are a drag and I am trying to figure out how I can have them removed. I also have a paid charge off on my account. I tried consolidating the Perkins loan which is defaulted, the consolidation fell through. What else can I do? 4th - I have tons of inquiries on my reports, because I go on random app sprees hoping for a break that will never happen. Should I bother to have these removed? I am starting from scratch now and have ordered my TU and EQ report by mail today. Trying to also order EX, they said I need to mail information to them when I called the auto system. I suppose my overall issue and question is - How can I increase my scores when I have two bankruptcies reporting and a bunch of lates, plus one paid charge off? Do I need to wait until these things fall off before even working on my reports? My credit files suck and I am stuck, any help is appreciated. I wasn’t sure if I should put more detailed info on my accounts but, if I need to - I can (minus my personal info of course)
  6. Hi, everyone! I haven't posted here in a long time, but I've been a member since 2004. Back then, I utilized every relevant forum post to scrub my personal credit and then build business credit. Since that time, I've referred a lot of people here in an effort to share the knowledge. Today, I have a new problem. I went back to school 3 years ago to work on a new Bachelors and Masters degree. My class terms are in 8-week increments and the student loans that I have used to fund my education appear on my credit report. The problem is that those loans are depressing my credit score. My current scores reside in the low to middle 600's. I have a 30-day late payment that is pretty old and 3 inquiries. My oldest account is 15 years old. I do have 72% utilization across my revolving accounts. Over the past year, I have attempted to do the usual things to improve my score. At one point, I paid most of my cards down to 40% without seeing much movement in my score. Don't get me wrong...the score did go up by about 20 points, but I expected more. I believe that the issue is that 8 new student loans have appeared on my report in the past 2 years. Another will be appearing in a few days and I am dreading it already. None of my loans require payment at this time and I'm not too worried about repayment because I will be able to make decent money when I finish school. I'm planning to see if I can dispute the 30-day late in the hopes that it will help. Does bumpage still exist? I think I recall reading that it was in the process of going away a long time ago. Does anyone have any other ideas? Thanks in advance! ~Native
  7. [Offered With limited Commentary] Education Secretary Loses Lawsuit on Student Loan Forgiveness https://www.forbes.com/sites/zackfriedman/2018/09/17/student-loans-lawsuit-devos/#705b3a463230 Loan Forgiveness is a Poor Use of Taxpayer Money https://www.forbes.com/sites/prestoncooper2/2018/09/07/loan-forgiveness-is-a-poor-use-of-taxpayer-money/#159b390f7b89 Despite Powerful Allies, Problems Persist in For-Profit Education https://www.forbes.com/sites/joshmoody/2018/09/17/despite-powerful-allies-problems-persist-in-for-profit-education/#4fce87b364cd The last article also mentions Education Corporation of America, mentioning they are closing 26 locations by 2020. Rather than the ITT or Corinthian route of just leaving students hanging with worthless credits and a stack of student loans, ECA is allowing their students to finish out their programs but are no longer accepting new enrollments. Maybe it's because prospective students are finally figuring out the truth about these diploma mills and avoiding them like the plague?
  8. I recently paid of a student loan. For some reason it is showing as closed. Is there different status it should have? It wasn't late and was paid off early.
  9. Greeting Everyone, I am a new member. I want to thank all of you for your sincere efforts and guidance. Devoting time to help others is actually a best good some could offer. Thank you all. Now about me. I am working to clean up my credit. I have a student loan that is currently under deferment until 02/2016. Back in 2014, When it went to repayment phase, I was overseas. By the time I cam back in Aug 2014, the loan was already 180 Days late. I applied for Econ Harship that was granted and back dated to Feb 2014(The original date when the repayment was due). I have recently noticed that it is being reported to my Credit File as 180 days late despite Econ Hardship Deferment back dating.I disputed with the CRA but it came back as "updated" with same late data. I think my question is how I can resolve this with the CRA. The OC does not seems to understand that Econ deferment means as if the loan is being paid as agreed, and unwilling to report a removal of late status. My understanding is that when deferment is back dated it reads as no default has been occurred and loan is being paid as agreed. Is it possible that contest it of justify it through precedents are legal aspects. I may be misunderstanding. Please help me.
  10. Just a reminder that if you have federally guaranteed student loans, your loans are now being serviced by Navient https://www.navient.com/ If you have privately held or (commercially backed) student loans, your loans are with Sallie Mae https://www.salliemae.com/ For more information, please visit: https://studentaid.ed.gov/about/announcements/sallie-mae Hodap2001
  11. Good evening and happy holidays to all - My federal student loan went into default and I started getting garnished in Feb. 2014. The loans report as 4-6 separate line items on my credit that are bad debts. Since I am essentially paying the loan monthly, shouldn't the collector (DOF sold the account) be reporting the payments to the collection agency? Right now, it's still listed as simply bad debt. Thanks for any help or guidance you can provide.
  12. My wife is a college student. She recently changed schools. Durring the switch, her defered loans went active. She has called and verified that the loans are still defered and will update as defered once attendance is reported. The problem is, when the loans went active, the intrest was updated. Now the loans are reporting over 100% utilization. This has impacted her score. Any advice on what we can do, is appreciated. Thanks
  13. I am so happy I found this board. Background - I am 27 years old, I live in the USA (midwest), and I have suffered from severe depression for most of my life which hit particularly hard in my early 20s. During my 20s I screwed my credit up royally. Suffering from depression and anxiety, I just never paid bills (credit cards, loans, etc) and have let my debt rack up to the point where I have creditors calling my cell phone and my parent's house daily and I receive mail that I just throw away because I already know it's a debt collection letter. I have about $40K in student loans and I never graduated. I am 4 classes away from finishing college but I stopped attending in 2011 because I couldn't afford it and without a college degree, I have not been able to find a job that pays more than $40K a year. I have been unemployed on and off due to my depression but I thankfully found a stable salaried Executive Assistant job in October that pays $38K with benefits so I can start getting help with my mental illness. Anyway, I didn't pay my federal student loans and now they have been in default since 2012. I have about $7K in credit card bills that have gone into collections, about $1K in medical debt that is also in collections, and a few other blemishes on my credit score. Last time I checked my credit score it was below 500 and I'm sure it's even lower now. I am thinking of filing for bankruptcy because I am drowning and I don't know where to start. I barely make enough money to survive on my own let alone pay down this massive debt but I need to try. I want to finish college and get my degree - first and foremost but I owe my school about $2500 before I can even re-enroll and then I probably don't qualify for student loans because I'm in default. I am trying to move out of my parents home but I can't get qualified for an apartment because of my credit score and poor financial history. I don't have any assets and I can't get any type of loan because of my credit. My car is probably one month away from breaking down and I desperately need to get another car (used of course) but can't qualify for anything but shady super high interest auto loans. Over the summer I tried to commit suicide because of my debt issues but was unsuccessful. The stress in my life is so enormous I just don't know how or where to start to even fix this. Any tips are much appreciated. I am currently reading through all the newbie threads but I also wanted to make this thread. I have never told anyone but my parents about my debt issues and it feels oddly cathartic to finally type out all of my problems. My friends and extended family all think I graduated (I did the ceremony because I only had 4 classes left and my college adviser assumed I would finish over the summer) and have a great job and live this great life but I am just living a life. I am 27 and will be 28 in August 2015 and I just want to end my 20's and enter my 30's without this terrible burden.
  14. In 9/2009, I took out two student loans for school. In 6/2010, I took out one more as well. Both of these loans were issued by EdFinancial/Ed America. In 3/2010, the first two TL were closed because they transferred the loans to Federal Loan Servicing. The 6/2010 loan was closed and transferred 7/2010. All 3 of the TLs were transferred in deferred status since I was still a full-time student. I was thinking about disputing these for deletions because I feel they aren't doing anything good for my credit score. Any experts can explain if this is affecting my score in a good or bad way and if I should dispute for removal? I also wanted to know if the deletion would affect my AAOA as well? These loans are for a Florida school as well.
  15. Hi all, I wanted to see if anyone has an opinion on SoFi.com I recently refinanced through them which helped drop the interest rate on my federal student loans from 6.9% down to 5.4%. I was wondering if anyone else has used the service and what success they have had. I also have a question, I would like to work with my mother in law on refinancing the student loans in my wife’s name. They currently have a 8.1% interest rate which seems high to me. I tried having her go though SoFi as well but it is currently not available in Vermont. I was wondering if anyone had any recommendations on a refinancing options for the state of Vermont. Any advice would be appreciated. Best, -Zachary
  16. So, I was just recently browsing my credit report. And I see I have a student loan from 2011(private) which I have payed off in full. originally I went about 120 days without paying it so that is still on my credit report. Is there anything that I can do to have it taken off? It shows the account as closed on my report. I have read about challenging student loans as "obsolete" but I'm not sure how. Any Advice?
  17. Hi all, After I graduated college I began consolidating all of my student loans. However, I somehow missed a loan from the university totaling around $8,0000, and received no notice about payments until the loan went into collections. I have sent a debt validation to the collection agency, and they responded with a copy of the signed promisory note and balance. Can I try to negotiate a pay for delete even though the debt is a student loan? Or do I have to try to set up a payment plan with the collection agency? Any advice would be greatly appreciated. Thanks, TJ
  18. Well, I'm on my journey to try and buy a house. My scores are currently EQ 635, EXP 585, TU 601. One of the major things hurting me are my student loans. 15 months ago I allowed them to go 90 days delinquent before I got smart and decided to fix my credit. I paid one monthly payment to Nelnet, but at the time there were 9 different accounts, but only 1 bill. So, the dilemma is, I paid one payment, received one bill, but the delinquencies show as 9 separate delinquencies. I am hoping that in November I may see a bump in the credit, as the delinquencies will all be over 12 months old. But, is there any way to get the credit bureau's to show this as one delinquency in stead of 9? I received one bill, and made one payment. I didn't even know I had 9 different accounts until I looked up my credit report. Help!
  19. Hello CB Members, Newbie here, and I read all the intro stuff so I hope I'm in the right area. I am trying to repair my credit while in college. Long story short, I had some medical issues around 2 years ago, which forced me to cut back from school. As a result, my student loans came out of deferment for a short time (cause I was not in school full-time.) Because I was so sick, and my parent busy caring for me, these payments were never made. Also, a couple of medical appt bills were missed, which were sent to CAs. I am back in school full-time (I should mention, I got a scholarship for full-tuition after graduating from 2-year school, FAFSA is for living/school supply expenses), and my loans are back in deferment. I don't believe they were sent to CAs. I recently have been trying to build my credit, and thus have applied for credit cards. Every time I have been denied, despite having income. I also have been wanting to get a car loan (small one for $2,000) for a used car, but was denied even with a co-signer! I have my annual triple-credit report on hand,here's what it shows... - 2 Medical Appt Bills Sent to Collection - All Nelnet/Dept of Ed/FAFSA Loan Payment Periods (even the good ones that show deferment. The year-period in which I was not deferred shows 150, 120, and 90 Days past due (no collection indication.) I will pay off the 2 med bills ASAP, but I am wondering if the Student Loan Deferments, though in detail look fine, are harming my credit by being shown there. Are student loans always shown on one's credit report, even if they are being paid and in good standing? If so, does this affect credit approval? Lastly, how do I go about removing the 2 med bills from my credit report "swiftly," after paying them? Do I write letters, make calls? Thank you all so much. Again, I apologize for my ignorance, but I really want to learn this stuff and build credit early.
  20. Just trying to confirm if this information is accurate (I found it in this forum). As I have read here, under the Higher Education Act and FTC 623, any Lates being reported that took place in a time frame covered by a retroactive forbearance should be corrected by the lender who reported that information? Also, is it better to do an online dispute or fax dispute with the CRA's for this? Or should I contact the office of the Ombudsman? Thanks!
  21. Hey Gents & Ladies, sorry to be posting this here, but after over 24 hrs, 30+ views, and no responses I was hoping someone may be able to help me. I have read contradicting information on CB and other forums regarding the Higher Education Act and FTC 623 when it comes to removing Student Loan lates. Even after the successful App Spree for DW, I know if I can get these removed from her credit, she should be in mid 700s after, and we are trying to get her there for Refinance in Spring 2015 and new car. So anyone who can chime in and help clarify this topic, as always it is greatly appreciated and I am thankful!
  22. Federal Student Aid will be replacing the PIN to a user name and password based log-on system. Check it out here: http://www.ifap.ed.gov/eannouncements/100114NewFSAIDtoReplacetheFederalStudentAidPIN.html
  23. My daughter doesn't want me to pay for her graduate school.. and I have mixed feelings but the idea of her taking three more years of debt makes me sick at heart given the interest rates. If I were to set up a three or five year CD securing a loan to her for tuition, made payable to the school, what do you think the lowest interest rate would be... perhaps a $75K loan that would be essentially a line of credit paid out over the next 3.5 years against a collaterized CD. Am I missing something? Would navy do something like that? Looking to keep her from paying high rates and putting herself into debt but want to keep some distance between the give and take in these matters. I know nothing about student loans, she is getting a PhD in Clinical Psych and she is very conservative in financial matters... but i can't stand to see her racking up 8% interest plus while she is going full time and working 20 plus hours a week. All adivice welcome on this. I want to keep some arm's length but help. I may forgive half of it.
  24. Hi all. I defaulted on Nelnet & Sallie Mae loans. I never once made a payment to Sallie Mae or Nelnet. I went to default and eventually consoliated. (3+ years in good standing) My report for Nelnet shows "OK" marks for a few months. Then turns to "90s" "120s" "C/Os" etc. Makes sense because I was not paying. (long story + ignorance) However, my Sallie Mae shows "OKs" then 90s, 120s, then goes back to OK status for a few months then back to 90 day and 120 day lates. This does not make sense to me. I had been graduated by this point. Again, I never made a payment to them. Why did they randomly start reporting timely payments? The nelnet loans fall off 3/2016 and sallie mae 3/2016. Is it an error from Sallie Mae to give me the OK marks for a few months after grad when I KNOW I did not pay a dime? Do insurance payments or sending my loans around count as a "payment"? I'm confused. Not sure if that would even be legal/Nelnet did not do this. I'm asking because I'm wondering if they can turn the "OK" payments into 90s/120s, then it would change the fall off date for my tradelines. However, I'm a bit afraid to bring this up to Sallie Mae in the event they change my status, I get a score drop, and I still cant get 2015 deletions. Thanks a lot!
  25. Citizens Financial Group is offering refinance to those who have Federal Student Loans and a minimum of $10,000.00. Please visit the Wall Street Journal for more information: http://blogs.wsj.com/totalreturn/2014/09/16/student-loan-borrowers-have-chance-to-refinance-at-lower-rates/?mod=yahoo_hs Here is the link to Citizens Financial Group: https://www.citizensbank.com/ As I always do on here, make sure you fully understand the ramifications of converting federal student loans into private student loans! Just be aware that private student loans DO NOT offer the same consumer protections as private student loans so you must weigh the pros and cons before going this route! **This is for informational purposes only and I DO NOT endorse any company, products, or services***

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