06-14-2012 02:24 PM
I am new to the boards, been looking here for a while while working on my credit. All negatives are due to fall off starting the beginning of next year, but I am trying to now get an older student loan taken care of.
I had a loan through sallie mae that defaulted 6/2006, it has since been transferred to New York Higher Education and have recently been contacted by ConServe who are collecting on it from what I understand. Today I received a letter saying I may be eligible for a direct consolidation loan, and they provided a "Federal direct consolidation loan app and promissary note" along with a page that says "this written statement is to give you authorization to disclose all info concerning my student loan consolidation app to any representative at ConServe" directed to "federal student loan consolidation rep" Sorry for the long description.
I am looking for advice, The NY higher ed tradeline is set to drop accoring to transunion 6/2013, I wonder if I should do a consolidation since its nearing the 7 year mark and just pay on it for the 15 years they say in the consolidation paperwork (15k is owed)? If I were to consolidate, I know the Sallie Mae tradeline is supposed to show paid, still will show it was delinquent (but its older), but would the NY higher ed still drop off next year, and I'd just have a new loan showing after consolidation? Also If I consolidated at what point would the sallie mae no longer be a factor on my credit? And should I fill out the app and send it to conserve or can I simply go directly to the direct loan website and fill out an app there?
I appreciate any help or advice, this is my last hurdle, after the negatives drop next year it will be nothing but positive acct's and paid in full never late loans
I went from a experian fako last year of 578 to 634 this month, and my fico is up to 658 thanks to a lot of great information from this board..