No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Is anyone else noticing that their active/open Fedloan Servicing tradelines have disappeared during the pandemic downtime? This is frustrating me, as it's my only active installment loan, and I'm taking a small hit for not having recent installment activity. Especially since I'm still making payments during the deferrment.
They're still reporting the old/closed tradelines though. Which of course is where my late payments are.
UPDATE: See below, apparently this only affected me.
My federal student loans are serviced through Great Lakes and they're also in deferment. When I called to check, the agent told me this was following the Department of Ed instructions due to the COVID-19 pandemic. All federal loans were changed to 0%, payments deferred until fall.
@jasonbourne84 wrote:Is anyone else noticing that their active/open Fedloan Servicing tradelines have disappeared during the pandemic downtime? This is frustrating me, as it's my only active installment loan, and I'm taking a small hit for not having recent installment activity. Especially since I'm still making payments during the deferrment.
They're still reporting the old/closed tradelines though. Which of course is where my late payments are.
Yes--my fed loans are reporting as CLOSED
If Congress does not extend the payment holiday, then I imagine they will report OPEN again starting in October.
If Congress does extend the payment holiday, they may stay CLOSED through most of 2021.
@lhcole77 Weird, my open consolidation loans are not reporting as closed - rather, the tradelines have just disappeared altogether.
@jasonbourne84 wrote:@lhcole77 Weird, my open consolidation loans are not reporting as closed - rather, the tradelines have just disappeared altogether.
Oooh--this is good info. My DL consolidation just completed today, so I wonder how they will (if at all) show up on my reports.
When you say they have disappeared, where are you looking? I have Experian CW and mine show up under CLOSED installments. The balances are still showing, but the balances are not factored into total installment balances, payments are set at $0, and they say CLOSED.
@lhcole77 wrote:
@jasonbourne84 wrote:@lhcole77 Weird, my open consolidation loans are not reporting as closed - rather, the tradelines have just disappeared altogether.
Oooh--this is good info. My DL consolidation just completed today, so I wonder how they will (if at all) show up on my reports.
When you say they have disappeared, where are you looking? I have Experian CW and mine show up under CLOSED installments. The balances are still showing, but the balances are not factored into total installment balances, payments are set at $0, and they say CLOSED.
The tradeline simply disappeared from all three CRAs. It is as if I've never had a consolidation with FedLoans, and have no open loans or balances. It isn't under closed loans or anything.
@jasonbourne84 wrote:The tradeline simply disappeared from all three CRAs. It is as if I've never had a consolidation with FedLoans, and have no open loans or balances. It isn't under closed loans or anything.
Depending on one's needs, that is either crazy or a blessing.
I am looking to app for two new cards at the end of August, so for me your situation would be a blessing
UPDATE: This isn't COVID-related, and appears to be a Fed Loans mistake affecting my account alone. After starting this thread, I dug deeper and realized that Fed Loans forgot to resume reporting on my open consolidation lines after I submitted a dispute regarding CLOSED/paid loans LAST YEAR!
Sigh. Their continued incompetence is staggering.
I called them and asked them to fix it. Sure, it would be nice not to have the student loan balances on my credit report come time to apply for our mortgage, but having the positive account history is more beneficial for me -- especially considering that the consolidation loans are my only active installment loans.