topic closed student loan showing open in General Credit Topics

closed student loan showing open

Anonymous — Fri, 12 Dec 2014 18:55:39 GMT

I posted this under student loans, no one replied. In 2009 I opened a student loan account. It got sold to another loan company. I'm currently paying with the company it was sold to. On my credit report, the original student loan company is showing OPEN with ZERO balance. If i have it changed to CLOSED, how will this affect my credit score? In a positive or negative way?

Re: closed student loan showing open

Kenny — Sat, 13 Dec 2014 01:25:13 GMT

I don't think it matters too much whether it's reporting open or closed so long as you have other student loans on your report for the positive effect of having different types of credit. (If you didn't then it would have more of an affect, I guess.) If anything, with it being open and showing as paid, I would conjecture that it's helping your utilization with regard to the installment loan themselves. Wouldn't hurt a whole lot to have it show as closed, but I certainly wouldn't care if it it was me to have it changed to show as closed.

(I hope that I made sense!!) lol

Re: closed student loan showing open

Anonymous — Mon, 15 Dec 2014 00:59:07 GMT

yes! Thank you!!

Re: closed student loan showing open

HiLine — Mon, 15 Dec 2014 04:34:57 GMT

An installment loan getting closed is generally not good for your credit, especially if you have only one. Do you?

Re: closed student loan showing open

Anonymous — Wed, 17 Dec 2014 06:25:44 GMT

I was thinking of paying off my only baddy ($1200) by getting a personal secured loan. Then paying it off in 6 to 8 months.

I don't have any loans on my cr just 2 cc.
Cap 1 - $650 cl. 0 util.
Cap QS - just got it tonight don't know the cl

I keep reading paying off a loan hurts your credit but I also read not having different forms of credit is not good...