Closing 5-6 Accounts

[recoveringfrombk7]

REPAYE - I work at a qualifying employer for PSLF and have made around 15 qualifying payments, so awhile to go yet. Balance is 175k

[Anonymous]

That's perfect! I'm on the same payment plan, without PSLF. But it's still great to know after years of repayment you'll get some relief.
I'm sure you're all read up on it but just make sure you keep a original, signed copy of your annual employment verification for yourself (just in case) and you don't consolidate unless you have loans that don't qualify.
Another tip is you can actually use your lowest paycheck/ timesheet to recertify. It's in the fine print. A significant change in wages (it can be temporary) can be submitted to have them recalculate. The minimum payment will be good for another year. 😁

[recoveringfrombk7]

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@Anonymous wrote:
That's perfect! I'm on the same payment plan, without PSLF. But it's still great to know after years of repayment you'll get some relief.
I'm sure you're all read up on it but just make sure you keep a original, signed copy of your annual employment verification for yourself (just in case) and you don't consolidate unless you have loans that don't qualify.
Another tip is you can actually use your lowest paycheck/ timesheet to recertify. It's in the fine print. A significant change in wages (it can be temporary) can be submitted to have them recalculate. The minimum payment will be good for another year. 😁

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Our HR department submits them for us, but I keep the PDF letter I get back from fedloan.

I just use our tax return.  I could probably knock a few bucks off doing it differently, but the annoying part is that my husband owns a small business, so rather than having him write a letter for his lowest month and then risking someone getting nosy, it's just easier to use our official docs.

[recoveringfrombk7]

Thanks for everyone's help.  Cancelled 4/5 today, the 5th has to be done on Monday during normal business hours, but I updated my signature anyhow.  Feeling lighter already!

[Anonymous]

Looks like I'm too late. But I was going to suggest not closing that many in one big spree, it can attract attention if too many cards are closed so close together.  

However, I don't know the magic number. Or if it's even accurate info I've heard. But I've only close 2 cards in a calendar year. 

[recoveringfrombk7]

I guess I'll be able to provide DPs if that's the case. What sort of attention? What would be the consequence?

[Anonymous]

Like I said, I don't know for sure if it really matters or any truth to what i heard. Aside from the normal reasons being UT, and AAoA etc.

Here's an excerpt :

Closing multiple accounts at once could look suspicious to creditors. It could also amplify some of the other negative effects of a single closure. But if you still want to cancel numerous credit accounts, then spacing the closures over time could reduce the impact to your overall credit health. That’s why credit experts recommend keeping accounts open if you possibly can, and closing only one or two at a time if absolutely necessary. Avoid closing your oldest or highest-limit accounts, since those are contributing the most to your scores.

[recoveringfrombk7]

Well, I mostly practice AZEO and all of the cards combined don't equal my highest limit card, so hopefully I'm okay. They were also, for the most part, lenders that are considered to be subprime. So, I'd like to hope my other creditors would recognize that as well. What's done is done though, so fingers crossed. Thanks for the info!