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Currently a sophomore in college, very new to credit.
Back in August '14, I was offered a small student loan that I accepted, but I was awarded an unexpected scholarship a few days later, and the disbursement of the loan was reversed. It's on my CK report under as a "FEDLOAN" closed account. Is it possible to wipe it off my report seeing as it was reversed just a few days later? Or should I leave the matter alone? Thank you!
The money was technically loaned to you, even though you returned it. Don't worry about this entry on your report, if anything, it will boost your AAoA until it falls off at 10 years.
@SCF wrote:The money was technically loaned to you, even though you returned it. Don't worry about this entry on your report, if anything, it will boost your AAoA until it falls off at 10 years.
I don't really know how AAoA works. It was open for less than a month, so shouldn't it have a negative impact?
Even though it's closed, it will continue to age on your report. So, in 5 years, you'll have a 5 year old account on your report improving your score.
@SCF wrote:Even though it's closed, it will continue to age on your report. So, in 5 years, you'll have a 5 year old account on your report improving your score.
Oh awesome! Thanks so much!