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Regular Contributor
Neblett
Posts: 217
Registered: ‎04-17-2007

Re: Consolidating Student Loans

[ Edited ]
I just received an email from the woman at CSC Credit Services who is handling my disputes personally - yes, you heard that right!
 
She suggests that we should remove all of the student loan accounts that have just closed as part of my consolidation, from the lender who ultimately consolidated them all into one loan.  That would mean erasing 19 accounts that have always reported positively (even though they've been in deferral, not actually being paid on), some for over 12 years.
 
Pros?  Cons?
 
Should I do this?  Will it make any difference?


Message Edited by Neblett on 07-05-2007 02:11 PM
Regular Contributor
Neblett
Posts: 217
Registered: ‎04-17-2007

Re: Consolidating Student Loans

BUMP.
Valued Contributor
Boswd
Posts: 1,065
Registered: ‎04-26-2007

Re: Consolidating Student Loans

Overall you have to figure out what is best for you financially and put what is best for FICO on hold.
I consolildated mine and I have to tell you it makes life, financially and mentally alot easier.  But that is just my situation and I also defaulted them as well:smileyvery-happy: so my options were a little more limited.
 
But you have to sit back and decide if it is economically more feasable to consolidate or try to payoff each one separtely.    I wouldn't even be putting  Fico score into the equation.
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Consolidating Student Loans

Am am doing everything to remove mine that were consolidated.
I won't be losing much age as I have lots of old, paid installment accts and losing the lates from last year will help me short term-
 
So everyones millage will vary-
 
These were 4 accounts to the same lender - same Company I consolidated with.
So far they have keep their word- 3 more days for them to verify and they are gone!!!

Neblett wrote:
I just received an email from the woman at CSC Credit Services who is handling my disputes personally - yes, you heard that right!
 
She suggests that we should remove all of the student loan accounts that have just closed as part of my consolidation, from the lender who ultimately consolidated them all into one loan.  That would mean erasing 19 accounts that have always reported positively (even though they've been in deferral, not actually being paid on), some for over 12 years.
 
Pros?  Cons?
 
Should I do this?  Will it make any difference?


Message Edited by Neblett on 07-05-2007 02:11 PM


Regular Contributor
Neblett
Posts: 217
Registered: ‎04-17-2007

Re: Consolidating Student Loans

FYI, everybody...
 
My BEEG student loan consolidation applied to my Experian account, and the result?
 
A 13 point BOOST!
 
Who'd a-thunk?
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Consolidating Student Loans

[ Edited ]
I dropped 15 points on EXP ..
For whatever reason they did it in 2 loans instead of 1 on the CRA.
I have requested they fix this ASAP>
Still waiting to see if they delete the old ones or zap the lates.  They updated to zero balances.
So YMMV>

Neblett wrote:
FYI, everybody...
 
My BEEG student loan consolidation applied to my Experian account, and the result?
 
A 13 point BOOST!
 
Who'd a-thunk?





Message Edited by Timothy on 07-07-2007 02:35 PM
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Consolidating Student Loans

Here is the gig-
SLFC- tells me they still have to separate the subsidize and un-substituted portions of my loan.
so they are reporting 2 new accounts -
 
TU- only had 2 of the 4 accounts reported that were consolidated and only 4 total lates - now paid 0 bal
 
EQ only had 2 of the 4 accounts with 8 lates - has not updated yet. 
 
Ex had all 4 accounts with 6 lates each = 24 lates
Per my plan I disputed them "paid/ Never late" as told by SLFC and they deleted all 4 today
Fakos up 30 points FICO's DOWN another 10.
 
I hope this is just a temporary set back....
 
Avg age of installment accounts got cut back a bit and Installment UTL went up - but dang
I only have 1 other installment account (3.5 years old at 0% apr) and a mortgage.
 

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