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Consolidated Loans - How Will They Report?


JoeDirtPharmD
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So I consolidated today: $132,157.32 @ 2.625% for 30 years - payment is around $530/mo. 36 consecutive, on-time payments get me a drop to 1.625%.

On my reports now, it is littered with Sallie Mae loans (all in good standing, about 22 altogether). Now that I have consolidated with a 3rd party lender/servicer (CFS Loans - which I was told would be sold to CitiGroup after grace period) - will those tradelines all close and just one big a$$ fat tradeline be entered for the full amount or ????

Was hoping that someone who has consolidated a number of loans would be able to tell me what happened on their reports?

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I consolidated in 2002. The five old student loan TLs all were closed. Some were marked as "TRANSFERRED", others just marked "PAID".

Then two loans became brand new. In my case, one balance is for the "subsidized" balance, and one is for the "unsubsidized" balance. So essentially what happened was 5 "PAID AS AGREED" older more-established tradelines became 2 "PAID AS AGREED" newer TLs. I suppose this dropped my score a bit, but the interest rate reduction was worth it. Sounds like its worth it in your case too, with your balance and interest rate!

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132k holy crud, I hope you’re a surgeon of some sort for that kind of money. Anyways I re did mine about 1 year ago with sallie mae. I had 14 open lines (2 per semester) and all closed as paid, transferred, or too new to rate. Then I had one lump sum line open and all payment and activity reports off of it. I sent a letter to sallie mae to ask them to remove all of the defunct (I never made a payment on any due to grace period) accounts and explained they had no purpose and received a response indicating that they reported in accordance to all applicable laws.. blah blah and in the trash it went.

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