Reply
Established Contributor
Posts: 510
Registered: ‎04-17-2007
0

Re: Consolidating Student Loans

My direct loan got a 60 and 90 day late marks from last year (feb and mar06). Loan was in forbearance and payment wasn't due until Jun06. If i consolidate with Direct Loans, would that entry with 60 and 90 day lates would be removed???
New Contributor
Posts: 60
Registered: ‎05-30-2007
0

Re: Consolidating Student Loans

As far as my opinion about Sallie Mae, their customer service is terrible. They are foreign speaking so they are difficult to talk to and they don't ever seem to be able to answer a straight question. I called and asked that my extra payments be applied to my principle balance and just kept getting a letter about how payments are allocated. Not exactly what I was needing and after 2 calls and 4 emails, I'm still not sure they are allocating my additional payments to principle.
 
But your question about the number of loans that will show on your CRA....I had several Sallie Mae loans (both subsidized and unsubsidized) and consolidated them with Sallie Mae in July 2003. I also had a 12 month forebearance at one point, but no delinquencies.
 
My old loans still show on my CRAs as well as the loans I had from USA Group that was bought by Sallie Mae. None of them dropped off and in fact my credit report now says I have too many accounts (30 total with 15 being student loans!).
 
I posted before about the number of accounts and the flag on my CRAs, but no one was able to tell me if I should pursue having those taken off. The USA Group date back to 2001. If anyone finds an answer to this question, I'd sure love to hear the answer!!!
 
 
Valued Member
Posts: 158
Registered: ‎06-15-2007
0

Re: Consolidating Student Loans

I have 2 loans if I consilidate will this hurt my credit score?
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Consolidating Student Loans

[ Edited ]

After SL rehab the LATES STAY - it is the account status that will be updated to "pays as agreed"

On another note is you consolidate SL while in default they will STAY THAT WAY FOR 7 YEARS.

Federal Law requires they (the loan servicer) report correctly while the government is Guarantying to loan.
You can try GW or disputing accurate lates after the loan is paid or consolidated.

I was told by my servicer they "might fail to respond to the verification within 30 days"


edited - Hi Timothy,

Our Credit Repair Discussion Guidelines frown on posting links to sites that promote and\or offer credit repair services.

Thanks for your participation!

- Tusc



http://www.ed.gov/offices/OSFAP/DCS/rehabilitation.html



Message Edited by Tuscani on 06-19-2007 09:47 PM
Regular Contributor
Posts: 217
Registered: ‎04-17-2007
0

Re: Consolidating Student Loans

Okay - my student loan consolidation reporting is almost complete.

All but 3 of my consolidated loans are showing as "Closed (Paid)."

When the consolidation loan - the one that has absorbed all the others - posts to my credit report, will that lower my score? Raise it? Do nothing? The loan is in deferral and the first payment isn't due until 2009.

I know I've asked this before, but I still haven't gotten a clear idea of what will happen, and I just want to be prepared.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Consolidating Student Loans



Neblett wrote:
Okay - my student loan consolidation reporting is almost complete.

All but 3 of my consolidated loans are showing as "Closed (Paid)."

When the consolidation loan - the one that has absorbed all the others - posts to my credit report, will that lower my score? Raise it? Do nothing? The loan is in deferral and the first payment isn't due until 2009.

I know I've asked this before, but I still haven't gotten a clear idea of what will happen, and I just want to be prepared.


My guess is your score won't change much, if any.
Regular Contributor
Posts: 217
Registered: ‎04-17-2007
0

Re: Consolidating Student Loans

The only reason I'm asking is that I'm afraid that when a new loan that size (over $150,000) posts to my credit, will it do me in, as far as length of credit history and new balance are concerned?
 
I'd love it if it does nothing to my score.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Consolidating Student Loans



Neblett wrote:
The only reason I'm asking is that I'm afraid that when a new loan that size (over $150,000) posts to my credit, will it do me in, as far as length of credit history and new balance are concerned?
 
I'd love it if it does nothing to my score.



It should balance out since your old SL TLs will show as closed.
Established Member
Posts: 18
Registered: ‎06-29-2007
0

Re: Consolidating Student Loans

I recently consolidate my SL from my undergrad & grad school. I can tell you they will stay on. At least all of mine did.
Regular Contributor
Posts: 217
Registered: ‎04-17-2007
0

Re: Consolidating Student Loans

Okay.  Maybe I'm not making myself clear.
 
I know the closed loans will stay on.  I have no problem with that.
 
All I'm wondering is, will the new addition of a $150,000 student loan affect my score adversely, when it posts?  Mainly concerned about total balance of debt owed in scoring model.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.