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3 years ago
Mon Jul 05, 2021 11:28 am
Kkboom
Share Secured Rebel
Last edited by Kkboom on Wed Jul 21, 2021 9:20 pm, edited 1 time in total.
Hi,
Im wondering when it is better to consolidate vs just bringing account current. A little background: My student loan delinquencies were - 9 accounts with (2) 90 day lates each; one 90 day late from 12/2013 and one from 10/2014. In 9/2020 EQ and EX dropped the 2013 late and 10/2020 TU dropped it. I didn’t see a score increase in 2020. Fast forward to 7/2021 EX and EQ dropped the 2014 late. Since TU hasn’t updated, it probably will drop next month.
I actually closed these 9 accounts and consolidated them into new loans a few years back. Now that I know a little more about credit, I’m wondering what was the benefit?
I didn’t want an early exclusion because these are some of my oldest accounts and I wanted to keep the history because the overwhelming majority of it is good payment history.
I didn’t have a charge off.
The consolidation caused my interest to capitalize.
My current loan is paid on time, but it’s newer bringing my aging metrics down. So my question was there a benefit to consolidating and staying with the same servicer? I didn’t even get a lower rate.
I’m thinking this may be a point to address in the primer? It could possibly help others. @LaHossBoss
- Score data EQ8:826 TU8:734 EX8:829
- Classic 8 Scorecard CLEAN/THICK/MATURE/NO-NEW-REVOLVER
- AoOA 39 years