Hello All.. I just got an email that my loans have been discharged! YAY! only now I am left wondering if this is going to be a good or bad thing for me on my credit.
loans are discharged bc i recently was upped to 100% p&t through the VA. so i do not have the 3 year period. my loans are all with Navient.
What happens when they are trasfered to nelnet? will that transferred comment or code still be an issue on my CR? anyone recently had a discharge be approved who had navient and have some results they wouldnt mind sharing?
Thank you. I am getting my score ready to buy a house and very nervous about my score being negatively affected.. hopefully I will see a jump in score and wont have to try and have them removed bc there are 10 of them and they are my oldest accounts.
Congrats on the discharge! I know how stressful the whole thing can be! I am not sure how it works when it is granted. I would imagine since you don't have the 3 year buffer that things should be updated 30-60 days for all the CRA's. Hopefully someone that has gotten the same discharge can chime in and answer.
They must do approvals in batches because I received the same email today. Just waiting to see balances updated on my credit reports and how that will affect my scores.
Thank you all for the replies. If my scores dont change I will be just glad they didnt go down! I will be glad to see that I have no debt anyway.. maybe that will help me when it comes to getting approved for other credit since i wont have almost 50k of student loans hanging over my head.
My original search for this answer brought up some older topics where people were effected terribly by some wording on the transfered loans and I got super nervous which led to posting here. Last night I read through posts here and found a few newer posts and it seems that issue has since been resolved and most people do not see a change in their score at all when the loans close unless they have no other installment loans then sometimes the score drops because the mix of accounts goes down.
Thanks again for the responses... fingers crossed!
I recently had my student loans discharged. The balance was 77k. While they now show closed and zero balances, my score dropped about 26 points. May not seem like much, but in the rebuilding process, a hit is a hit.