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Student Loans and Credit Reports - When do lates fall off?

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Valued Contributor

Student Loans and Credit Reports - When do lates fall off?

5 REPLIES 5
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Regular Contributor

Re: Student Loans and Credit Reports - When do lates fall off?

So am I reading the article right??

I have several Federal loans that were eventually consolidated into 2 new tradelines.

The original accounts will completely fall off 7 years from the first derogatory... or just the lates will fall off month by month?

The original trade lines are technically paid off through the consolidation so I guess I still am not understanding what's going to happen to them. It would be nice if the original accounts stayed but the lates were removed.

Thoughts?
Chapter 7 DC 10/23/18
Starting FICO 8 11/22/18

Current FICO 8 6/28/20

GOAL 680 by 12/20
Current FICO 9 6/28/20

Student loans and car payments reporting positive



Message 2 of 6
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Valued Contributor

Re: Student Loans and Credit Reports - When do lates fall off?

This article was the first that I'd ever read of this, with such by detail. It seems very tricky!
My understanding is the old tradelines should stay on for 10 years. But the late should fall off in 7, from the DofD. So if it's a string, the whole string. I wouldn't do a dispute though. Imo it could risk getting the whole thing being removed.
I'm not sure though.



Message 3 of 6
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Senior Contributor

Re: Student Loans and Credit Reports - When do lates fall off?


@Sabii wrote:
This article was the first that I'd ever read of this, with such by detail. It seems very tricky!
My understanding is the old tradelines should stay on for 10 years. But the late should fall off in 7, from the DofD. So if it's a string, the whole string. I wouldn't do a dispute though. Imo it could risk getting the whole thing being removed.
I'm not sure though.

This is what I believe happens as well.   Since it was a positive tradeline, but had lates, the lates should just age off, leaving a positive tradeline until up to 10 years from when it was consolidated/closed.

F8 EQ: 805 | EX: 800 | TU: 795 | Accounts: 0/6 2/12 9/24
Happy practitioner of AZE5or6or7or8
Message 4 of 6
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Regular Contributor

Re: Student Loans and Credit Reports - When do lates fall off?

I am not sure they are considered positive trade lines anymore, they are marked closed, derogatory on my reports.

It's funny though... they have a removal date listed on Transunion, so I am guessing that when the string of lates hits, the entire trade line will be removed (the lates were up until the accounts were closed).

Chapter 7 DC 10/23/18
Starting FICO 8 11/22/18

Current FICO 8 6/28/20

GOAL 680 by 12/20
Current FICO 9 6/28/20

Student loans and car payments reporting positive



Message 5 of 6
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Senior Contributor

Re: Student Loans and Credit Reports - When do lates fall off?


@Kathyups wrote:
I am not sure they are considered positive trade lines anymore, they are marked closed, derogatory on my reports.

It's funny though... they have a removal date listed on Transunion, so I am guessing that when the string of lates hits, the entire trade line will be removed (the lates were up until the accounts were closed).


Sounds just like my (old) student loan lines, in which case, I would think they'll fall off/be deleted at the 7y mark.

F8 EQ: 805 | EX: 800 | TU: 795 | Accounts: 0/6 2/12 9/24
Happy practitioner of AZE5or6or7or8
Message 6 of 6
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