Student Loan , Credit report question

[Anonymous]

Checked my CR and Fico scores tonight and I have a question. First my TU was 90 points higher than Eqfax, is that much difference unusual? Secondly I had a number of student loans through Salliemae, 13 in all. In August of 2003 they were consolidated into 1 loan also through Salliemae and I have been paying as agreed with no late pays. My CR says that I have to many accounts(29 in all) and its hurting my score. The problem is that 14 of the 29 accounts are Salliemae and the original 13 all show paid as agreed and 0 balance. The date of last activity on all 13 is 8/2003. My question is how do I get those 13 off or do I just wait and will they drop off in August. Any info is appreciated.

T

[RobertEG]

You probably dont want to have them deleted..

When loans are consolidted, renogiated, etc., often it will be given a new account and account number, and opening date, and the old account is, propertly, updated to then show $0 balance.   The creditor may or may not request deletion of accounts closed in good standing.  It is up to them.  Offten they wont ask for account deletion, because it may include prior derogs.  They dont want to do a full review of an account closed in good standing, they usually will just report $0 balance, and forget it.

Evwen though closed, the old account still counts in your average age of accounts, and having an earlier opening date, helps your AAoA.  Being closed with $0 balance, it of course is no longer scored in your % util.  With no derogs on the old account, I dont see a reason for ask for its deletion.

The FCRA has no provisions for dropping of "accounts" from your credit file, or credit report, at any time..  The FCRA only reglulates how long derogs under an account may continue to be included in a CR that they issue.  FCRA 605(a).

Comments about too many accounts, in my opinion, are kinda meaningless.  It is how you are managing what you have, not the gross number.

You are in good shape.  I see no reason for concern.

[Anonymous]

Robert,

Thanks for responding. The only reason I wanted the prior student loans removed is because when I pulled fico and CR from this site it said that I had to many credit accounts and that it was a negative hurting my score.  Are you saying this is incorrect?

[llecs]

HI OP. A 90 points difference isn't too unusual when starting the rebuilding process. There are many factors that can contribute to that like baddies reporting on one and not the other, overall length of history, AAoA, good accounts reporting on one and not the other, utilization, and so forth. If both reports are exactly identical, and pulled from here on the same day, and if every little detail (statuses, dates, baddie placement, exact TLs, worst delinquency, comments, etc.) are exactly the same, then your score could still vary by 10 points, give or take.

When you hit close to 30 TLs, you'll get that negative comment. Ignore it. The impact is very minor, if at all. Even if you close the accounts, it'll still throw that at you. Plus, if these SLs are among your oldest TLs, then you could lose points if removed. BTW, they shouldn't drop in August if positive. They should drop in 2013.

[MarineVietVet]

---

@llecs wrote:

HI OP. A 90 points difference isn't too unusual when starting the rebuilding process. There are many factors that can contribute to that like baddies reporting on one and not the other, overall length of history, AAoA, good accounts reporting on one and not the other, utilization, and so forth. If both reports are exactly identical, and pulled from here on the same day, and if every little detail (statuses, dates, baddie placement, exact TLs, worst delinquency, comments, etc.) are exactly the same, then your score could still vary by 10 points, give or take.

When you hit close to 30 TLs, you'll get that negative comment. Ignore it. The impact is very minor, if at all. Even if you close the accounts, it'll still throw that at you. Plus, if these SLs are among your oldest TLs, then you could lose points if removed. BTW, they shouldn't drop in August if positive. They should drop in 2013.

---

I agree. I have 36 accounts reporting and it means nothing.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score