Utterly and Thoroughly Screwed
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Posted by Willy (156.40.137.94) on July 16, 2002 at 15:10:19:
Unbeknownst to me until a few hours ago, my credit score has dropped more than 120 points in the past 3 months due to circumstances beyond my control. I had taken a student loan from a vocational school in 1998 that has since gone out of business. When it went out of business, I was sent a letter from the lending institution (at my CURRENT address) stating that I would be notified by the Department of Education once another company picked up the loan. This all happened in May of last year. It turns out that the loan was picked up in late April of 2002, but this new company sent a letter (and a bill) to my address from 1998 (the address I was using while I attended the school). Obviously, the mail was not forwarded on to my current address since I hadn't lived there in 4 years... and it was deemed a "charge off". The new loan company told me that they only had access to addresses given to them from the school, not from the lending institution. I found out about all of this today. I had pulled my credit reports in April and had a score in the 750s. Today, the score is in the 630s. Of course it was brought to my attention by a mortgage lender. I paid this outstanding debt an hour ago via a 'phone check'. It should take 2 or 3 days for the check to clear, and the new loan company has agreed to fax letters to the credit bureaus stating that I am now in good standing. But my questions are--
How high will my credit scores climb once the bureaus recieve the information?
A few months ago I qualified for the BEST interest rates and loan terms... now I barely qualify at all.
Do I have any control over this situation?
How long will it take for my scores to rebound? Thanks
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