I'm not sure if the last post was just a bump or not, but just so we're clear there is no real benefit to me consoldating my loans in my case?
No, there's no benefit to your credit report/score from consolidation. It won't remove any previous lates, so don't do it unless you want to take advantage of the logistical benefits (one payment to one servicer) or it makes sense financially (it can lower your minimum payment, and you may qualify for a small interest rate deduction).
What if I only consolidate the ones that are in negative standing on my report. Even with it being only one payment, I think they list the Sub and Unsub seperately on the report. It wouldn't be worth having two positive items added to the report?
Sonic, I'm not clear how your loans are reporting. When you say they're reporting "negative" - do you mean they are reporting with Lates?
If that is indeed the case, then you would have two new tradelines (potentially causing a drop in your AAOA) and the lates would still be there. So I'm not sure that consolidation would help you if the negatives you mention are due to the loans reporting as late.
Last but not least - are you looking at your annualcreditreport.com reports? Or somewhere else?
This is what I'm saying. My student loans are with Sallie Mae. They show up on my credit report was almost 20 seperate accounts. Some of them show me being late. This should not be the case, but the CRAs won't accept my dispute, and Sallie Mae refuses to offer any assistance. When I pull my credit report from any of the three CRAs, some of them are listed under the "negative items" or "potentially negative accounts" or "accounts not in good standing" or whatever the terminology is on each of the 3 CRAs because they were listed as late. The loans have been in deferrment for a few months, and they were paid on time basically this whole year before they went into deferment. I'm pulling the reports I got directly from the CRAs after being denied credit was well as went I checked my FiCO score.
What I'm asking is if I consolidate just those, since I know paying off a loan or consolidating one doesn't really help your credit score, would it be worth it to do it anyway just to have accounts with no late payments add to the report, but not closing the ones with no late payments so I don't lose benefit of the age of those accounts.
I guess in a nutshell what I'm asking can adding accounts with a positive history help your score any or will the fact that the negative history has been there longer counteract that?
This is a "can't have your cake & eat it too" scenario. Once you consolidate, the old accounts are closed. You cannot consolidate to try to start building positive credit history & still try to benefit from having the old tradelines open, too. Even if you could, it would look like you owed double what you actually owe, & you definitely don't want that. And in the hypothetical event that those accounts go bad, then you would end up with even more tradelines reporting negatively.
Does it make a difference that on my consolidation application, I have to add them in one by one with the amounts owed as if they are all seperate loans. Even on my Sallie Mae account page it lists them all seperately, I believe even with different acocunt numbers
Make a difference in terms of your credit score? None of the 20 tradelines will go away if you consolidate. They'll be closed and marked that way, but they won't disappear.