In June, I finally was to a point, credit-wise, where it made sense to refinance my private student loans. Discover Credit Scorecard showed 755 EX. It took my interest rate from a combined 11.38% to a much more manageable 5.87%, which is fantastic! With the basically same payment amount, it will cut my repayment period by over 3 years. The problem, though, is I did it through Lendkey. They don't seem to be reporting and, according to a couple of places that I've read, they don't seem to ever report.
My question is this: I have a 743 EX credit score as of this morning's new monthly Discover Scorecard. TU and EQ have the same number of Inq's so I assume they're right around that mark, too. Would it make more sense to leave it unreported and keep my score up, or should I call and request that they report it for the payment history? I understand reporting the new trade line will cause my score to drop a bit temporarily but will the extra on-time payments be worth it? I'm not looking to buy anything on credit anytime soon and I'll be gardening until next May, or so, so the temporary drop shouldn't bother me, at all.
**Note: I also have 4 separate federal student loans that range in age from 7 year to 4 years and 3 credit cards. I have a decent credit score for such a relatively short credit history
I didn't get a response and didn't see any changes on my TU and EQ reports but saw another account on my EX Discover Scorecard. I couldn't see what the extra account was from due to the nature of the Credit Scorecard but I assumed it was the Lendkey consolidation loan. I decided to call Lendkey what that was about and to also verify that it was, in fact, them. They said that they had reported to EX and will only report to/pull from EX. They don't report to or pull from TU and EQ and there are no plans to do so on the table.
It's a shame because it would fill out my credit report a bit as it would be another reported account and another 4-5 years of payment history. I would love to have that show on my TU and EQ reports since a lot of creditors seem to pull solely from those bureaus rather than EX but I guess it is what it is.
I'm adding an update to this in case anyone else comes along with the same question. I would suggest that anyone else with Lendkey loans call in or email in and request a report to TU and EQ. They won't do it as of now, obviously, but maybe if we can get enough buzz behind it, they will actually consider doing so in the future.