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Thread: School Loans CR and Consolidation

  1. #1
    AudreyLeigh
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    Default School Loans CR and Consolidation

    So, on my credit report I have like 10,000 school loans showing as closed accounts... ok, not that many. I have 4 from GLELS (1 is open with a balance) and 7 closed accounts from USBank.. I have one from US Dept of Education.

    I guess the companies just trade and move around school loans?

    I originally took out the loan from USBank - they got turned over to GLELS. I dont know why theres 7 different US Bank loans and then 5 from GLELS. Its the same money just moved around a thousand times.

    The US DEPT of ED one is from cosmo school. Took out one loan - have ONE loan showing - makes sense.

    WTF is with this having so many accounts? Is this hurting my credit? Anyway to fix this?

    2 of the USBank ones have last reporting date as Dec 2000 so should these fall off in Jan - do I need to call the CRA to get them removed since it'll have been 7 years? The others all vary 2001, 2002, 2003, 2005.

    And on top of that - anyone know how to consolidate the 2 open loans that I have? I dont want to risk them getting moved around and me having MORE empty loans on my CR.

  2. #2
    Senior Member achick's Avatar
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    Default Re: School Loans CR and Consolidation

    Quote Originally Posted by AudreyLeigh View Post
    So, on my credit report I have like 10,000 school loans showing as closed accounts... ok, not that many. I have 4 from GLELS (1 is open with a balance) and 7 closed accounts from USBank.. I have one from US Dept of Education.

    I guess the companies just trade and move around school loans?

    I originally took out the loan from USBank - they got turned over to GLELS. I dont know why theres 7 different US Bank loans and then 5 from GLELS. Its the same money just moved around a thousand times.

    The US DEPT of ED one is from cosmo school. Took out one loan - have ONE loan showing - makes sense.

    WTF is with this having so many accounts? Is this hurting my credit? Anyway to fix this?

    2 of the USBank ones have last reporting date as Dec 2000 so should these fall off in Jan - do I need to call the CRA to get them removed since it'll have been 7 years? The others all vary 2001, 2002, 2003, 2005.

    And on top of that - anyone know how to consolidate the 2 open loans that I have? I dont want to risk them getting moved around and me having MORE empty loans on my CR.
    This happened to me! Each time you have a loan, even if it was bought/sold/consolidated, the company that had the loan is posted on your credit report. If you were paying USBank and the US Dept of Ed on time, it shouldn't reflect badly. And even though the loans were bought/sold/consolidated, they still have a record. That is what the "as of Dec 2000" means. Multiple entries could mean that you had a stafford loan, a private loan, etc. Each type usually has a different interest rate, so it's a different entry for each one, even though you are paying one company for the loan. You can ask Citibank, Sallie Mae or do a search online for consolidating loans. You can even ask the current company that has the loans to consolidate.

    FYI, I hate Sallie Mae. They had the wrong address for me every time I moved and would call my references and my mom about my account, or to ask for the address. They really do suck. I cannot wait until I am done with them.

  3. #3
    Senior Member anabella's Avatar
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    Default Re: School Loans CR and Consolidation

    Closed accounts shouldn't be hurting your score. To close an account can initially lower your score, and if you have something charged off or put into collections then it's a problem. Simply having closed accounts is not negative though.

    On myfico.com they have a forum where you can ask credit card and credit score questions and the people there really know their stuff, if you need more advice.

    Oh, and since the prime interest rate is on its way down right now, I'd wait and see if it will go lower before you consolidate.

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