Rehab and debt ratio..Frustrated

[harleygirl]

xheadscratchxOk, I will try to be concise.

My 1992 SL for 2625.00 defaulted(Ex agreed to pay). 12 years later I find out.

I agree to rehab. ECMC "tells" me this will delete derog info and create new account that is good and current. It was rehabbed and transferred to AES/Suntrust.

this is just not true. The account shows on all 3 CRA with "high limit" as 2625.00 and current balance as 3956.00. This is considered a negative and since I have very little credit, it makes my ratios or utilzation skewed as well. Sorry, I do not know which way to say it.

On top of that SM is reporting 2 TL for same loan, having a hard time with that.

And...EX has not deleted the TL for ECMC. ECMC says they sent it. I have to dispute this now.

What was the friggin' point of rehabbing this. I could have just paid it back then, but the rehab was supposed to be a better option for my credit.

I know I have read it somewhere, but how long do SL report?

This is driving me crazy.

Any suggestions? I don't have the money to pay it down right now. I am so learning how dumb I was.

[swirlgirl]

SL are very difficult to get off your CR. Yes, you can have multiple TL for the same loan. Each time the loan is refinanced and rehabbed, you get new TLs. Your best bet it to make sure all of the information is reported correctly and leave it at that.

Also, the loan balance does not affect your credit card utilization as this is considered an "Installment" loan and not a revolving account. However, it does has some affect on your overall debt to credit ratio. But I wouldn't worry about that since it's just a student loan.

[harleygirl]

Thanks swirl.

I don't know how to explain this so I'll try to paste it here and see if you see what I do.

SALLIE MAE #

PO BOX 9500 WILKES BARRE , PA 18773-9500 (888) 272-5543*

Balance:* $0 *

Date Updated:* 10/2004 *

High Balance:* $2,625*

Past Due:* $0*

Pay Status:* >Charged Off as Bad Debt<

Account Type:* Installment Account *

Responsibility:* Individual Account * Date Opened:* 01/1992*

Date Closed:* 10/2004*

Loan Type:*Student Loan

Remark:*Transferred to another lender

Estimated date that this item will be removed:** 09/2011

SM SERVICING # PO BOX 9500 WILKES BARRE , PA 18773-9500 Phone number not available*

Balance:* $0 *

Date Updated:* 10/2003 *

High Balance:* $2,625* Past Due:* $0*

Pay Status:* Paid or Paying

Account Type:* Installment Account

Responsibility:* Individual Account

Date Opened:* 09/2000*

Date Closed:* 10/2003*

Loan Type:*Student Loan

Remark:*Transfer >Maximum delinquency of 120+ days in 01/2003<

This is the same account, shouldn't the TL just be one and be updated? Or are they two separate accounts thru SM with same acct #?

[Cynic]

You'd get 2 tradelines just from 1 semester @ college if you had a sub and unsub loan. HEA requires separate tradelines for each loan. 1 monthly payment/account number just means they combine multiple loans for billing convenience; it does not change the fact that each loan is legally separate.

[harleygirl]

As far as I remember, this is just one loan. But it has been 20plus years

[harleygirl]

You'd get 2 tradelines just from 1 semester @ college if you had a sub and unsub loan. HEA requires separate tradelines for each loan. 1 monthly payment/account number just means they combine multiple loans for billing convenience; it does not change the fact that each loan is legally separate.

So I guess the question is, shouldn't they be for different amounts then?

I am going to try to call SM tomorrow. I need to find out if they show two loans. I truly believe it is only one, but I could be wrong.

I disputed these two w/EX online. I haven't got the results, but when I look ay my report they changed one to "transferred". The other was changed from "turned over to gov" to "being paid by insurance".

The amounts on both TL's are the same. The dates are different. I am paying a new servicer and I do not understand. I don't mind having one TL represent correct status, but two(actually 3 if you count the ECMC that EQ won't delete) is killing me.

Any experience or thoughts would be appreciated.

[Cynic]

1 was opened on a different date then the other. The feds only let you borrow up to certain limits, so it's normal for the original amounts of both loans to be the same.

Were you in school in 2000 and in 1992?

[harleygirl]

1 was opened on a different date then the other. The feds only let you borrow up to certain limits, so it's normal for the original amounts of both loans to be the same.

Were you in school in 2000 and in 1992?

Nope. Only 1992.

[Magdalen77]

So I guess the question is, shouldn't they be for different amounts then?

I am going to try to call SM tomorrow. I need to find out if they show two loans. I truly believe it is only one, but I could be wrong.

I disputed these two w/EX online. I haven't got the results, but when I look ay my report they changed one to "transferred". The other was changed from "turned over to gov" to "being paid by insurance".

The amounts on both TL's are the same. The dates are different. I am paying a new servicer and I do not understand. I don't mind having one TL represent correct status, but two(actually 3 if you count the ECMC that EQ won't delete) is killing me.

Any experience or thoughts would be appreciated.

I had this happen with PHEAA. I ended up with 6 loans instead of two. For me it seemed like whenever I got a different servicer or consolidated the old account would remain looking like I had twice or three times the outstanding loans. You may have more luck writing to your student loan people than with the CRAs. That's the only way that mine got fixed.

[Cynic]

For me it seemed like whenever I got a different servicer or consolidated the old account would remain looking like I had twice or three times the outstanding loans.

In OP's situation, it's important to keep in mind that the balances are both 0.

OP, I'm wondering if your loan was sold to a different lender, or if you consolidated, in 2000. Both of those situations would create a new tradeline, even if the loan was still being serviced by SLMA.

[harleygirl]

In OP's situation, it's important to keep in mind that the balances are both 0.

OP, I'm wondering if your loan was sold to a different lender, or if you consolidated, in 2000. Both of those situations would create a new tradeline, even if the loan was still being serviced by SLMA.

Well, that is what they are saying. I'm sure it isn't getting fixed. It was in forbearance on the dates they say it was late.

Also, they show two other forbearances that did not get entered until a year after each request.

She says this is normal. When you request those, it is backdated to include all previous past due.

Here is what i think happened.

It was in forbearance and got transfered to the new lender before the forebearance was recorded. Nothing I can do. No way to prove it.

I am quitting for today. When SM is the easiest to deal with, it's time to stop for the day.

[Cynic]

It was in forbearance and got transfered to the new lender before the forebearance was recorded. Nothing I can do. No way to prove it.

Except the servicer was SLM before and after the xfer. Changing lenders is just a few keystrokes in Sallie's computer...all other account records stay, they don't just disappear when lenders are changed. Changing the lender doesn't take borrower requests out of q, nor does it abrogate the borrower's responsibility to ensure they've been approved before they stop paying.

[harleygirl]

Except the servicer was SLM before and after the xfer. Changing lenders is just a few keystrokes in Sallie's computer...all other account records stay, they don't just disappear when lenders are changed. Changing the lender doesn't take borrower requests out of q, nor does it abrogate the borrower's responsibility to ensure they've been approved before they stop paying.

I agree, except the new servicer was not SM. I would have the proof, but we lost all our paperwork in a basement flood. Trust me I have water tight storage now.

[Cynic]

Per your credit report, SM serviced a loan for you that was opened in 9/2000.

Since it opened in 2000, and you weren't in school then, either you consolidated (took a new loan to payoff your older loan) or it's wrong.

[harleygirl]

Per your credit report, SM serviced a loan for you that was opened in 9/2000.

Correct. That was my rehab loan. Then it was transferred to my rehab lender. So why if it was in default and charged off did they go ahead and send it to my other lender? I don't think that date is right, but I honestly can't be sure.

[harleygirl]

I also want to say, that I am not trying to get anything removed that is mine. I just want it to be correct. I took out the loan, I will pay it(and all the fees and interest). I am paying it. When I started repaying it, it was 6000.00 plus. It is with a new lender...i will have to check the dates for them. I am going to call then to see when they actually received it and how.

[Cynic]

About when did you rehab?

Based on what you've said, and whats on your report, I think you rehabbed and your loan was originally repurchased by SLM in 9/2000. At some later time the loan was sold to another lender, or consolidated with another lender. Looks like you were delinquent with SLM after your rehab, and got retroactive forbearances.

[harleygirl]

About when did you rehab?

That's what I am trying to figure. I think it was in 2003. I am going to look at my new lender to see when it was picked up, but it should be like a year after that. Maybe even more, I think they made me make payments for like 2 years or something crazy. Damn I wish I had the friggin paperwork.

[Cynic]

I think you need to check http://nslds.ed.gov and see if it will show you the history.

I know you can see everything in FAP view, not familiar with student view unfortunately.

What you need is when it defaulted and when it came out of default.

The dates for the 2 SLM tradelines simply don't add up with any of the possibilities I've considered.

[harleygirl]

I think you need to check http://nslds.ed.gov and see if it will show you the history.

I know you can see everything in FAP view, not familiar with student view unfortunately.

What you need is when it defaulted and when it came out of default.

The dates for the 2 SLM tradelines simply don't add up with any of the possibilities I've considered.

Thanks, I tried it. It requires a pin number that I don't have.

[harleygirl]

I just applied for a pin. It takes 1 to 3 days it says.

The loan actually defaulted in 1993, lol. That's what she told me today.

My ex was to pay it and I trusted him. Stupid. I didn't find out until about 2000 when we tried to buy a house. I think that's when I contacted them about it. I'm not sure why they worked with me, but they did. I know we had a very difficult time in those days and I used the forebearance a lot.

She told me about two that were a year long each.

The figures I am finding right now are these.

It was 5059.00 then transferred to actual rehab lender at 3,948. I don't know the interest rate, I'm gettin this off a report. Now, it looks like this was the last stage of rehab befored an actual prime lender, because it was for 9 months beginning 1/05. Hell, I don't know lol. I have myself confused now.

[AboveAverage]

I just applied for a pin. It takes 1 to 3 days it says.

The loan actually defaulted in 1993, lol. That's what she told me today.

My ex was to pay it and I trusted him. Stupid. I didn't find out until about 2000 when we tried to buy a house. I think that's when I contacted them about it. I'm not sure why they worked with me, but they did. I know we had a very difficult time in those days and I used the forebearance a lot.

She told me about two that were a year long each.

The figures I am finding right now are these.

It was 5059.00 then transferred to actual rehab lender at 3,948. I don't know the interest rate, I'm gettin this off a report. Now, it looks like this was the last stage of rehab befored an actual prime lender, because it was for 9 months beginning 1/05. Hell, I don't know lol. I have myself confused now.

Trust me...that site will give you the dirt on every student loan you have. It's really a valuable resource and worth waiting to get your pin.

[PoorPerson]

Just a quick FYI on the PIN:

When I applied for one, the website asked me to enter the PIN that I would like, and then said that it would contact me in 1 - 3 days.

I was never contacted, but went back to the website on the 3rd day, and the PIN worked.

So even if you don't hear anything, just try it and see if it works.

Good luck with everything!

[harleygirl]

Ok. I got in to the site.

It has one listing for loan.

Type of Loan: 1 STAFFORD SUBSIDIZED

Date Entered Repayment: 11/1992

Loan Period Begin Date: 08/1991

Loan Period End Date: 05/1992

Disbursement Date 01/16/1992

Disbursement Amount $2,625

Loan Status rp ia

Status Description IN REPAYMENT loan orig

Status Effective Date

11/16/1992 01/09/1992

Current Servicer: xxxxxx It lists this correctly

xxxxxxx

Current Guaranty Agency: xxxxxxx It lists this correctly.

xxxxxxxx

This is it. No info on a rehab or refi. I don't know what this tells me.

[Cynic]

Well, it tells us you never consolidated (loan type would not be Stafford).

No history when you click on the loan? I know it's there is FAP view, but I also know student view is simplified.

Crap, I also just realized it's also not updated. Status effective date is 1992 ROFL.