Student Loan Consolidations

[Anonymous]

I am hoping someone can help me out with this. My credit report is showing that i have a total of 7 student loans with a balance, when in fact i have 4 student loans with a balance, the other 3 were consolidated into the other 4, shouldn't this balance show 0 on the credit report? I am told by FICO the only reason my CS is no 800 is because it shows up as my  too many credit accounts with balances, these are the only 7 credit accounts i have that have a balance and only 4 of them should have a balance, they have not been reported since 2006 and show paid in consolidation. Thanks for any help getting me pointed in the right direction.

[Tazman81]

Are you getting your scores and that info from myFico or from another location?  The reason I ask is because usually when they say the balance on your revolving accounts is to high then they are talking about credit cards, instead of installment loans.

On another note, you are correct.  If some loans have been consolidated, then the other ones should be reporting a 0 balance.  You can always contact the company that held the loan previously and ask that they update your account to show a zero balance, or try disputing it with the CRA to advise them that it should be a 0 balance.  Good luck.  Let us know which route you go and what the outcome is.

[Anonymous]

Thanks for the help! I am getting those scores from myFICO, but i only have 10 active accounts, 1 credit card that's paid off, 1 truck loan, 1 mortgage and 7 student loans showing. I consolidated back in 2006 all the student loans and i make one payment, but they are still reporting on 4 of them which is fine, the other three show the full balance and say closed consolidating, but show the original balance, so i should talk to edFinancial right? I don't wanna hurt my score by disputing them, I have a 761 now and i'm trying to get over 800.

Thanks again.

[Anonymous]

Spoke to the student loan holders and went ahead and checked my other credit reports just to verify, EdFinancial says they submitted that information 5 years ago and it should be reflected on my reports, experian and equifax do not show them on there as having a balance, only transunion does, but now when i went to log into transunion to dispute it asked my security question and i answered where i was born and it locked me out, i know where i was born!. Anyways, as soon as i get ahold of transunion and dispute the three items i'll be good to go. Thanks again for the help.

[Tazman81]

Very good.  I think this will work out well.  You can ask them to submit it again even though they submitted it 5 years ago.  I don't really know that you would see a big change in your credit score with those showing paid off, but it's always nice to look at "less debt".  BTW, I think your credit score is very good.  Keep up the good work, and it will keep going up.

[Anonymous]

Thank you, i messed up my credit when i was 20 and just in the army, it has taken 10 years to get it where it is, and i'm trying to keep it there. I got embarrassed one too many times when they said i had bad credit!, good luck with your goal as well.