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STUDENT LOAN SERVICER CHANGING

rhopkins1999
Member

STUDENT LOAN SERVICER CHANGING

Hey guys! I need some direction/help. I've spent the last 2 years rebuilding my credit and getting it where I want, and then I received an email that my student loan servicer was changing. My student loans are my longest accounts and if they were to close it would drop my AAoC from 19 months to 7 months, which would affect my score. My question is when the servicer changes will it affect my AAoC or will the new account with the new servicer be backdated to when they were opened?

Message 1 of 6
5 REPLIES 5
calyx
Super Contributor

Re: STUDENT LOAN SERVICER CHANGING

Have no fear!  They'll be back dated.
On two of my CRAs, changed servicers were on with the ones they changed from, so double the old line aging metrics (EX deleted the closed/transferred line, so less love there).


Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 2 of 6
2ndChancingIt
New Member

Re: STUDENT LOAN SERVICER CHANGING

Thanks for posting this. My loans are switching from navient to Aidvantage and I've also been rebuilding for almost a year and have been having major anxiety about how the new loans would report, so this was my exact question.  I'm so relieved to hear they'll be backdated! 

Thanks for posting this Smiley Happy

Message 3 of 6
jade200
New Member

Re: STUDENT LOAN SERVICER CHANGING

My FedLoan accounts were supposed to be transferred to Mohela, without being closed on my credit report. Instead, they were listed as paid and closed. It dropped by score an average 38 points across the board. Mohela hasn't popped up yet as the new servicer. I can only imagine what that will do to my score. I'm so tired of these transfers!!! Supposedly, this wasn't supposed to affect our credit....

Message 4 of 6
bandlp08
New Contributor

Re: STUDENT LOAN SERVICER CHANGING

Jade200.....how did you find out who it was switching to? I have been waiting for a notice to be told and have yet to find out.

Message 5 of 6
a51
Established Member

Re: STUDENT LOAN SERVICER CHANGING

MyFedLoan sent me this and I'm yet to get anything. I will say that myfedloan purposely took advantage of my loan due to my bankruptcy and report so I cannot get any decent loans such as a car loan or non sub prime personal loan. They are evil and I hope Biden promises what he said he would. Also these should not be reported as being maxed out owing all the loan at once and over the limit it's unreasonable 

Bk7: 6/2018
FICO 8s:
6/2018 TU575 EX550 EQ535
8/2021 TU667 EX665 EQ663
Credit Cards 8 Store Cards 10 Installments 2 student loans 9
Message 6 of 6
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