At one point in time I thought I was in deferment but obviously I was incorrect.
So I show substantial deliquencies in 2006. I actually finished school in 2008 and loans were deferred until 6 months after I graduated. I started paying payments on regular monthly basis in 2009.
In 2010, I switched to an extended plan because I could not afford the monthly payment. Since then I have been current every month except 3 months in 2011. I was making a payment each month but it was less than the minimum monthly payment.
I was informed to day that they are still considered a late payment because I did not call and talk to a representative. After those 3 months I have made every payment in full and on time. Now that I would like to buy a house, I cannot get approved for a home loan because of this situation.
My highest credit score is 640 but lowest is 587. I realize that most of this is my fault for not being informed about the way student loans work and for my own stupitdity of not taking them as seriously as I should have. I am just trying to get everything back on track.
Is there anything I can do to remove deliquent payments of student loans from my credit report? I never defaulted on the loans so I am not eligible for “rehabilitation” for loans. What are my options?
You did not mention if they were federal or private student loans. If they were federal loans and you made nine consecutive on-time payments it should have been removed from your credit report.
But your credit scores tell me there is something else going on that is bringing your score down. I’d suggest you take a look at The Get Out of Debt Guy Free and Easy Credit Repair Guide.
If you are not working with a local mortgage broker, you should. The mortgage broker will represent a number of different loan options and also advise you about what needs to be done to get your credit score back in range.
Please post your responses and follow-up messages to me on this in the comments section below.