Grad Plus (FYI) 90-day
Posted: Wed Apr 07, 2010 1:58 pm
I've read a few threads about the credit requirements of which several claim the 90 day late payment period begins from the date of the credit check. That is, if you file on June 15th, 2010, then you cannot have any delinquent account from March 15th, 2010. Anything before that, you're good.
According to the financial office I spoke with, this is incorrect. Using the example above, the check goes back to March 15th, 2005 from the date the credit check is performed. So any late payments over 90 or at 90 days is defined as adverse credit. Although you can appeal, and if everything is paid, the success of appeal is somewhat promising, but the negotiation is with the government not the school.
The way I understand the rule as it is written, I'd swear the financial services office is incorrect. From the Direct Loan Q&A sheet:
"You are considered to have an adverse credit history if you are 90 days or more delinquent on any debt or if, within 5 year of the date of the credit report, you have been the subject of a default determination, bankruptcy, blah, blah......"
Am I correct that the "within.." clause modifies the last part of the statement and not the first? If there was an "and" instead of an "or" I'd understand. To me, the "default determination" is ambiguous, but I was told it pertains to the bankruptcy, loans, etc.
While I thought my credit report was good, I just found three payments that were 90, 90, and 150 days late from 4 years ago. This was shocking since I've not checked my credit report in years. I'm challenging everything with the credit bureaus and --as advised -- offering a goodwill payment to the original creditor to have them removed, and then start with the threatening lawsuit stuff thereafter. It is a long process and bullshit.
Has anyone been denied and, then, successful upon appeal?
According to the financial office I spoke with, this is incorrect. Using the example above, the check goes back to March 15th, 2005 from the date the credit check is performed. So any late payments over 90 or at 90 days is defined as adverse credit. Although you can appeal, and if everything is paid, the success of appeal is somewhat promising, but the negotiation is with the government not the school.
The way I understand the rule as it is written, I'd swear the financial services office is incorrect. From the Direct Loan Q&A sheet:
"You are considered to have an adverse credit history if you are 90 days or more delinquent on any debt or if, within 5 year of the date of the credit report, you have been the subject of a default determination, bankruptcy, blah, blah......"
Am I correct that the "within.." clause modifies the last part of the statement and not the first? If there was an "and" instead of an "or" I'd understand. To me, the "default determination" is ambiguous, but I was told it pertains to the bankruptcy, loans, etc.
While I thought my credit report was good, I just found three payments that were 90, 90, and 150 days late from 4 years ago. This was shocking since I've not checked my credit report in years. I'm challenging everything with the credit bureaus and --as advised -- offering a goodwill payment to the original creditor to have them removed, and then start with the threatening lawsuit stuff thereafter. It is a long process and bullshit.
Has anyone been denied and, then, successful upon appeal?
the bad mark on mine is bogus too, chargeoff for $50, yeah 50 freakin dollars and I've never been able to get it removed. Oh well, at this point I've given up as it will drop off in 2 years, before I'm looking to buy a house or new car or anything major.