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New Contributor
Joesh
Posts: 50
Registered: ‎05-21-2012

Xferred Student Loans

So my 7 US Dept of Education loans all got sold to Great Lakes and as a result the 7 loans are now showing as closed on my credit report per Credit Karma, which has dropped my average age of account down below 2 years (An "F" on my CreditKarma report card - oh noes!!!). Am I right in my understanding that Credit Karma is wrong in calculating this average age - I mean, closed accounts factor into average account age for up to 10 years after closing, correct? Interestingly, it (CK) still factors it in for my total accounts.

Great Lakes is reporting it all as 1 loan now (yet to appear on CR)

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Age: 24 | Occupation: Grad Student | CreditKarma: 762 |
Established Contributor
lithium78
Posts: 929
Registered: ‎07-30-2011

Re: Xferred Student Loans

Your transferred student loans will still report for another ten years, so it shouldn't affect your AAoA too badly.  My loans were sold by Direct Loans to EdFinancial last year and it's been fine.  Don't worry about Credit Karma.  They are good for monitoring your report, but their score is useless.


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Mega Contributor
Creditaddict
Posts: 18,830
Registered: ‎10-23-2007

Re: Xferred Student Loans


lithium78 wrote:

Your transferred student loans will still report for another ten years, so it shouldn't affect your AAoA too badly.  My loans were sold by Direct Loans to EdFinancial last year and it's been fine.  Don't worry about Credit Karma.  They are good for monitoring your report, but their score is useless.


YES YES YES.... If you read what CreditKarma does with the Transunion Credit Report they pull it will make more sense of the ups and downs that you see.  Dont stress.

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Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010

Re: Xferred Student Loans

I had the same thing happen very recently. MY CK score tanked because my loans were tranferred to Mohela.

 

Rightly said, their scores don't count.

BK in 2008, after making very stupid financial decisions.

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Regular Contributor
ceemee2203
Posts: 201
Registered: ‎07-27-2012

Re: Xferred Student Loans

Weird, my scores went up after my transfer to mohela.

Give it a couple months, I wouldn't be surprised if yours go up as well.
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New Contributor
Joesh
Posts: 50
Registered: ‎05-21-2012

Re: Xferred Student Loans

Another question. I was about to pay off 4 of the loans in full (literally next month). If I pay them off, will I hurt my credit score because those accounts may get "lost in translation" and never get reported onto my credit report?

AMEX BCP : $24.6K | Chase Ink Plus: $12K | Citi Forward : $10K | Citi Dividend : $9.2K | BoA Travel Rewards : 7K
NFL Cash Rewards : $6K | Chase Freedom : $5K | Discover More : $5K

Age: 24 | Occupation: Grad Student | CreditKarma: 762 |
New Contributor
Joesh
Posts: 50
Registered: ‎05-21-2012

Re: Xferred Student Loans


Joesh wrote:

Another question. I was about to pay off 4 of the loans in full (literally next month). If I pay them off, will I hurt my credit score because those accounts may get "lost in translation" and never get reported onto my credit report?


Can anyone comment on this? How long will it take for this transferred loan to hit my credit reports? Will I "lose" some of my accounts if I pay them off in full during this transition period where no accounts are reporting on my credit reports?

AMEX BCP : $24.6K | Chase Ink Plus: $12K | Citi Forward : $10K | Citi Dividend : $9.2K | BoA Travel Rewards : 7K
NFL Cash Rewards : $6K | Chase Freedom : $5K | Discover More : $5K

Age: 24 | Occupation: Grad Student | CreditKarma: 762 |
Established Contributor
Simply827
Posts: 650
Registered: ‎10-15-2012

Re: Xferred Student Loans


Joesh wrote:

Joesh wrote:

Another question. I was about to pay off 4 of the loans in full (literally next month). If I pay them off, will I hurt my credit score because those accounts may get "lost in translation" and never get reported onto my credit report?


Can anyone comment on this? How long will it take for this transferred loan to hit my credit reports? Will I "lose" some of my accounts if I pay them off in full during this transition period where no accounts are reporting on my credit reports?


No your accounts won't be "lost." If they are positive trendlines, they will stay on your report for up to 10 years and continue to contribute to AAoA. I can't really speak as to how long it will take for the new loans to show up. It depends on your lender.


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New Member
aquavelva
Posts: 1
Registered: ‎08-07-2013

Re: Xferred Student Loans

I am new to this board and seeking some advice on student loan debt.  I have a lot of student loan debt with NELNET and I think I need to consolidate all of the loans.  I was not paying them and received several lates in 2011..  They are now current, but I am in income based repayment so they all show that Im over my credit limit!!!!!  OUCH, esp since there are about 12 of them.  How will consolidation affect my score?  One person at NELNET advised that it will help because the new consolidation will not show that I am over my credit limit.  Another person I spoke with at Nelnet said I should just dispute all of the overage reporting.  Any one have a similar situation?  Advice?

Established Contributor
Luscher
Posts: 755
Registered: ‎03-24-2013

Re: Xferred Student Loans

id rather just have my loans paid off and a lower score than having to pay for loans every month lol. i hate it

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