Credit repair possible?

[red89notch]

When I first got out of tech school Sallie Mae began billing me at my parents house and I was unaware, I found out 3 months later and got caught up immediatly. I now have 90 days late credit marks on 4 seperate loans. I was told I wouldn't begin being billed til 6 months after completion of school. This is the only negative I have on my credit and was over 5 years ago. This spring I plan on needed good credit. Is there anything I can do to get this off my credit score since they began billing me too soon?

I understand its my screwup but, has anyone had any similar experiences? Is there a creditable company I can go to to help me or can I do it myself? Even with it my credit isnt horrible just not great. I would like it to be great.

[Skidmark]

You can do one of two things...

1. Dispute the late payments and hope that Sallie Mae does not return the required documentation back to the reporting agencies to get them removed. My friend recently disputed Sallie Mae items on his credit and they did not get removed. The only negative of this is that they can show up on your credit for another 7 years after the dispute.

2. Leave them alone and in 2 years they will be removed.

I guess a third option could be to not dispute them, but to call Sallie Mae and see if out of good faith they can remove the late payments.

[Gtracer]

When I first got out of tech school Sallie Mae began billing me at my parents house and I was unaware, I found out 3 months later and got caught up immediatly. I now have 90 days late credit marks on 4 seperate loans. I was told I wouldn't begin being billed til 6 months after completion of school. This is the only negative I have on my credit and was over 5 years ago. This spring I plan on needed good credit. Is there anything I can do to get this off my credit score since they began billing me too soon?

I understand its my screwup but, has anyone had any similar experiences? Is there a creditable company I can go to to help me or can I do it myself? Even with it my credit isnt horrible just not great. I would like it to be great.

Credit "repair" companies are a scam, there is no way to repair your credit by going through a company. You can dispute with the credit bureau but it was/is your responsiblily (as you stated) to make sure they have your correct contact info.

Wait a few years it will be gone, after 90 days most UW's will only ask about it but not allow it to be the deciding factor. You can repair your score by paying other accounts and what not but once a 30/60/90 is on your report, the only way off is waiting a few years or disputing it with the bureau..

My .02

[Skidmark]

Credit "repair" companies are a scam, there is no way to repair your credit by going through a company. You can dispute with the credit bureau but it was/is your responsiblily (as you stated) to make sure they have your correct contact info.

Wait a few years it will be gone, after 90 days most UW's will only ask about it but not allow it to be the deciding factor. You can repair your score by paying other accounts and what not but once a 30/60/90 is on your report, the only way off is waiting a few years or disputing it with the bureau..

My .02

That's a good idea. Reducing the amount of debt on say your cards will improve your score a decent amount once they report it back to the reporting agencies.

[Gtracer]

That's a good idea. Reducing the amount of debt on say your cards will improve your score a decent amount once they report it back to the reporting agencies.

Correct, once you raise it enough you can open new accounts (if you want/can) and that will help build. The only way I see the late payment affecting him would say if he tried to borrow in some way in the next 3 months.

[red89notch]

I just paid off all my credit cards and everything. The only things I owe on are my house and I have a vehicle lease. Currently rolled all my payments into my student loans and should have those paid off by April/May.

[Gtracer]

I just paid off all my credit cards and everything. The only things I owe on are my house and I have a vehicle lease. Currently rolled all my payments into my student loans and should have those paid off by April/May.

Use your credit cards...this is probably the biggest thing besides a MTG that will improve your rating which in turn will help people overlook (not care as much) about the couple of late payments. Just make sure you do not exceed 50% of your alotted balance as this will have an adverse effect on your score if kept too high for more than 2-3 weeks TOPS.

[brad88gt]

Credit "repair" companies are a scam, there is no way to repair your credit by going through a company. You can dispute with the credit bureau but it was/is your responsiblily (as you stated) to make sure they have your correct contact info.

Wait a few years it will be gone, after 90 days most UW's will only ask about it but not allow it to be the deciding factor. You can repair your score by paying other accounts and what not but once a 30/60/90 is on your report, the only way off is waiting a few years or disputing it with the bureau..

My .02

This isn't true. There are companies out there that really can help you "repair" your credit. Technically it is something that you can do yourself if you really know what you are doing. You can challenge the validity of the information reported. Under the FCRA, and FDCPA they must provide several things for validation which many times they cannot. If you dispute it with the bureau, you are required to prove the information isn't accurate. If you dispute the validity of it to the collection agency or original creditor reporting the negative information, they have to prove that it is accurate.

PM me if you want the contact info for one here locally. You will pay a retainer fee (varies based on how many accounts you have) and then a monthly processing fee until it is complete.

[Gtracer]

This isn't true.

lets see,
I told him to dispute it with the agency/bureau,
I told him that repair companies are out just to get your money for a consulting job, no repair. Same as the lawyers who offer to get your credit restored...all possible by the average civilian with no money required by filing a simple dispute and/or managing your credit.

But then again this is the internet and we are all experts...

[Gtracer]

PM me if you want the contact info for one here locally. You will pay a retainer fee (varies based on how many accounts you have) and then a monthly processing fee until it is complete.

No post, just providing supporting evidence of my previous post...

[brad88gt]

lets see,
I told him to dispute it with the agency/bureau,
I told him that repair companies are out just to get your money for a consulting job, no repair. Same as the lawyers who offer to get your credit restored...all possible by the average civilian with no money required by filing a simple dispute and/or managing your credit.

But then again this is the internet and we are all experts...

That isn't quite what you said. You said...

Credit "repair" companies are a scam, there is no way to repair your credit by going through a company. You can dispute with the credit bureau but it was/is your responsiblily (as you stated) to make sure they have your correct contact info.

I didn't say you gave bad information, just that it wasn't quite all true. Didn't mean to offend you.

<--- not an expert...

[pr1042]

If you have nothing bad since then, just leave it alone and it will be gone soon

Planning on buying a house?

[A+]

I don't think the whole write them a letter and hope they don't reply in time thing works anymore. Nowadays Most companies have people that reply to those letter all day.

[Gtracer]

If you have nothing bad since then, just leave it alone and it will be gone soon

Planning on buying a house?

I think he already has a house based on the first post he mentioned a MTG unless I read it wrong...

[BajaBob]

Credit "repair" companies are a scam, there is no way to repair your credit by going through a company. You can dispute with the credit bureau but it was/is your responsiblily (as you stated) to make sure they have your correct contact info.

Wait a few years it will be gone, after 90 days most UW's will only ask about it but not allow it to be the deciding factor. You can repair your score by paying other accounts and what not but once a 30/60/90 is on your report, the only way off is waiting a few years or disputing it with the bureau..

My .02

Credit Repair companies are not all scams. They actually do work and do a great job, depending if you go to the right people. However, most credit repair companies will only help those with totally screwed credit, not this situation.