This kinda sucks. I actually kinda liked Great Lakes.
On the other hand, the addition of the accounts under the new servicer will thicken up my profile even more which will be nice. (I have 26 federal student loans listed on my report from them being transferred from one servicer to another.)
Edit: thanks for the heads up, BTW!
@wantitgone wrote:well, that's annoying... I consolidated my federal student loans late last year. Does this mean they'll open new accounts on my CR and make them look new again? I like Nelnet, have had them forever!
A new account should appear on your report but it will be backdated to when the account was opened. e.g. I consolidated my student loans Dec 2015 with Great Lakes so that should be the opening date on the account with the new servicer.
This can be a good thing if the account is even a little aged, and even more so for people who haven't consolidated, cuz they'll get a bunch of new, backdated loans on their report -- it will thicken up their report and make the AAoA number more resilient to the effects of new accounts. (This is how I have 26 student loans on my report.)
Well that's a silver lining if I've ever seen one. My loans serviced by Greatlakes all show up together on my reports event though it's a bunch of separate smaller loans when I check with them directly.
as of 1/1/23
@ccquest wrote:
Well that's a silver lining if I've ever seen one. My loans serviced by Greatlakes all show up together on my reports event though it's a bunch of separate smaller loans when I check with them directly.
Just to clarify -- your loans show up as one big loan on your credit report even though they are separate smaller loans? Have you ever consolidated?
I'm asking because each of my loans prior to consolidation showed up separately on my credit report (i.e. I had one loan for each semester) so each time they switched servicers I got a new set of seven loans on my credit report. I'm wondering if this is not the current practice. (For context, my experience of them switching loan servicers prior to consolidation is 2007-2014.)
@beutiful5678 wrote:
@ccquest wrote:
Well that's a silver lining if I've ever seen one. My loans serviced by Greatlakes all show up together on my reports event though it's a bunch of separate smaller loans when I check with them directly.Just to clarify -- your loans show up as one big loan on your credit report even though they are separate smaller loans? Have you ever consolidated?
Correct. For example, my Transunion shows it under "US Dept of Education / GL #ACCOUNTXXX" as an Installment Account with Loan Type of Student Loan. If I go to the Great lakes website, they are all listed under Stafford Loans (maybe this is why we differ?) and if I go to account details, 14 separate loans with different (well, would be different if not at 0% right now) interest rates, "tokens", and loan dates (to correspond with the school year, not semester but I have sub and unsub each year).
@ccquest wrote:
@beutiful5678 wrote:
@ccquest wrote:
Well that's a silver lining if I've ever seen one. My loans serviced by Greatlakes all show up together on my reports event though it's a bunch of separate smaller loans when I check with them directly.Just to clarify -- your loans show up as one big loan on your credit report even though they are separate smaller loans? Have you ever consolidated?
Correct. For example, my Transunion shows it under "US Dept of Education / GL #ACCOUNTXXX" as an Installment Account with Loan Type of Student Loan. If I go to the Great lakes website, they are all listed under Stafford Loans (maybe this is why we differ?) and if I go to account details, 14 separate loans with different (well, would be different if not at 0% right now) interest rates, "tokens", and loan dates (to correspond with the school year, not semester but I have sub and unsub each year).
Interesting. My loans were Stafford loans, too. They must have changed how they report unconsolidated loans. This is good to know so I don't give out out-of-date information or confuse people.