@Caitt wrote:
So today I took the first steps for my mortgage. I did a pre qualification. I was told to bring a delinquent school loan up to date, get my scores to go up 9 more points, and consolidate my school loans. Well a few of my school loans are my oldest accounts. My question is if I merge them will my dates change? Also I'm not due to finish school until January. How do I go about bringing my student loan up to date can I call or should I send a letter? Do I need them to send me a letter?
I'm not sure how many student loans you have, but if you can consolidate them all, it would be the same as paying off the existing loans and opening one bigger one. In this sense, you would be bringing them all up to date. The delinquent school loan they want you to bring up to date, would be paid in full and left with a zero balance (if it is included in the consolidation).
The dates on your existing student loans will not change, they will just show paid with a zero balance and the month that they're paid is the date of last activity. They will remain on your credit report from 7 days from the time consolidated (if they were in a derogatory status), or 10 years from that time if they're in good standing.
Your new consolidated loan(s) will be just that, new loans reporting.
edited: I refer to the consolidated loan in the plural form because sometimes, if not now, maybe later, some Loan Servicers separate the totals of any subsidized loans from unsubsidized loans. (loans that were in an inschool deferment where the government picked up the interest while you were in school). When the servicer separates these portions in their system, they sometimes get reported separately too.
Chapter 7 Discharged & Closed Jan 2020
