There are a few older threads of this subject but I wanted to start (another) new one for any current updates and scenarios.
Here’s my story:
Current Scores (FAKO – CK) TU 548 EQ 521 (Credit.com) EX 584 (EX Vantage 551)
I made my 9th payment on my SL Rehab May 24th. May 30th my loans were ‘sold’ to Great Lakes. Great Lakes currently has my next payment due June 24th for $ 0.00.
I have a variation of 12 to 16 accounts listed on my different credit reports with them ALL labeled as Sold/Transferred or Closed. Horrible repayment history as I never (maybe one to two times in late 2013) made a payment on the loans (which stem from college 2007). It should be a total debt of about $ 10,000 but the multiple accounts make it appear more like $ 17,000+. There are two US Dept of Ed account that is the original debt but then the multiple ‘Collection’ accounts then repeat the amounts of some of the loans. I’ve already submitted my disputes to each bureau regarding the dups June 30th. All are still pending with an estimated completion date of July 1st. With the state that I live in SOL being 6 years, hypothetically they could all be completely wiped from my file since I had never paid anyway(eh). I’m hoping that with all the forums I’ve read through that all this will be rectified once my SL Rehab is reflected on my Credit Report as Pays As Agreed and previous bad pay history is deleted/removed. And with the SL being picked up so quick by Great Lakes on May 30th that my next pull through CK on the 15th will show the change on my credit file and increase in my scores.
I opened a Secured Card through Wells Fargo in April and have kept it at 30% utilization or less so far. The game plan is for my Rehab to boost my score so I can apply for a ‘real’ credit card (lol), I’m aiming for CapitalOne QuickSilver. Opening a new line of credit usually gives up to 30+ boost (so I’ve read) and by then I should at least be the 600’s!
My fiance and I are aiming to purchase our first home in December 2015 since our lease is up January 2016 and will more than likely apply for an FHA Loan. But we’d like to get our scores as high as we can before September (when we sign for the house to begin construction) so that we may be able to qualify for a lower interest rate.
I’m a newbie through and through so any feedback or advice is welcomed with open arms! I’ll reply with updates to my scores and SL effects.