Just checked my credit reports and 2 of the 3 CRA's are now showing about 20 to 25 student loans vs the single item that used to appear!Is this the Credit Bureau or Federal Student Loan office doing this? I assume since it's only on 2 bureau's reports that that they are doing it. Does this kill my score, haven't checked those yet.Could it be viewed as having too many open accounts and make my scores nosedive? Very concerned!
It may just not have filtered to the 3rd bureau, yet. Affect on the score could be hard to measure, if the trade lines are good, then it should help, if not, then it could hurt. (Instead of one bad trade line, you'd have 20+) I think student loans would be easy to discern (at one a semester for at least 4 years) why there would be so many different accounts. Some lenders have always reported each semester's student loans as separate trade lines.
I thought about that, having many entries with a good trade line.the loan was in deferrment status and so the tradr ljne said Pays as Agreed, never late, etc...So having 25 or so saying that might reflect positively, but my concern is that they will see tbis as too many open accounts and all of them at 100% cedit line to credit used ratiriginally it was just 1 entry on my report, and I get ine notice or statememt in tbe mail from Direct Student Loans, but now on the credit report I have about 25 entries, some for only $1, some for $27, $41, etc... when orig it was nust one wjth a monthly payment amount of $271.But this is the 2nd deferrement I've had, the first after the 6 month free period after graduating, then I was due to start making payments this past December but got an additional financial hardship deferrment.They wouldn't have split them up because of that or possible sold them off? It still showa the same name as the owner or creditor. But it appears like you say, that the split out each semester separately and created a trade rntry for each and every time I renewed my student loan while going to college.I'm pulling my scores this weekend so I let you all know if it is affecting my score.
I think where you are misinterpreting is the term "OPEN" accounts. A loan isn't considered an OPEN account. An OPEN account is "credit extended by a business to a customer. charge account, credit account." (The Free Dictionary) The loan being in non-closed status doesn't make it OPEN, in the way that people mean when they reference to an OPEN account as relates to credit scores.
Ok, Thanks for the clarification! I decided to spend some money and purchased the ScoreWatch service from myFico.com and my score was about what I thought it would be, so the Student Loan being broken into 25 or so smaller loans didn't seem to nosedive my score. Thanks again!
