Quote:
|
Originally Posted by hambone
Stupid situation. I have a student loan with Sallie Mae. I always pay the thing on time, no problems. Well, for the last couple months I just plain forgot. The emails they sent me telling me my bill was ready looked just like the spamlike mortgage emails I get from them, so I passed them over.
Anyway, I finally checked into the site today, and what do you know, I am 64 days delinquent. Really the money wasn't a problem, so I payed all I owned, plus the next months right away.
My question is, what does this mean? I am pretty sure they report this stuff every 30 days right? So that means I would have been reported as delinquent twice I think. How big of a deal is this for me?
Thanks.
|
Well, my friend - it ain't good.
You're correct, typically it is reported every thirty days delinquent. As such, you likely have a 30 day late and a 60 day late reporting to your credit bureau. Those lates are likely going to cause your scores to drop substantially - specifically the 60 day late - for at least some time. The lates will continue to have an impact for the next seven years or so, but it will lesson over time.
Since I don't know if you have established any other credit, I can't really say for sure how big of a deal this is. However, I can tell you that it is something that you can recover from, and it isn't going to plague you for the rest of forever. Unfortunately, if you don't have much - if any - other credit out there, it will be much more difficult to get approved for other credit offers, or at least decent ones.
However, there may be a ray of hope - if Sallie Mae may not have reported you as late. With student loans especially, I have noticed that some people's reports are dead on while others said they have been late - although it doesn't reflect that on the credit beauru. Hopefully you're in the latter category.
Good luck - if I can help anymore, let me know
