I just consolidated 2 student loans with Sallie Mae. So, in essence, I now have 2 paid off student loans that totalled over 22K, and 1 current, new loan that's almost 22K. Will this help my scores to show 2 paid off loans? TIA
I think it depends on how they show the 2 old loans. If they show as simply paid in full, that should help. When I refinanced my car, they listed the paid loan as sold or transferred. That didn't help me one bit.
I guess I'll have to wait until next month to see how the Dept Of Ed reports it....They are just out of deferment, and one of them I haven't even paid on yet (payment was due 6/7/2002). So, I know for a fact that they are perfect loans! I was hoping to know today... Oh well.
Whether a loan is refinanced, or paid off, your credit report should clearly state the loan as "Paid in Full". Don't let them feed you anything to the contrary. As for your auto refi., you need to dispute with the CRA's, your reason being the loan was "Paid in Full".
I long ago fixed my situation with re: to the refi. I was just explaining how different ways of reporting it could/would affect her score.
Depends, i paid off a student loan of 2000, taking my loan debt from 15000 to 13000 and CE shows me with the same score for the past 4 weeks, even though I had a ton of changes during this time
