TracyL

I was in a similar situation with having a TON of TL's for AES and Sallie Mae loans after college. Though my situation is not exactly the same because my loans had defaulted. What I did was consolidate them with Direct Loans. They purchased all of the loans off of both Sallie Mae and AES and consolidated them into two separate TL's. So the amount transfers to two total TL's, while the rest are displaying satisfied w/ $0 balance (though there are major lates on the original TL's). Also, they purchased them off of the original banks so new TL's popped up as being satisfied and current in good standing, which I would think was good? It's been so long, I honestly can't remember the impact on my scores. But it was so early in my credit repair journey that I HAD to do it. Sorry I can't be more help. Thanks for sharing your story. The more I read about consolidation, the more I am leaning towards doing it. Now I just need to pick the best place and move forward with it. I just hope that it doesn't hurt my score at all, but I can't really see why it would.

I have student loans through Sallie Mae and Sallie Mae breaks them into multiple accounts whenever you repackage your loan. At the school I attended it was every quarter, so I have roughly 15 accounts showing on my credit report. I am in the process of reviewing some consolidation loans, however my concern is will this hurt my credit even more by paying the 15 loans and then having one open for the total amount or will this help my credit? I believe that having that many open accounts is hurting me but before I move forward I'd like to make sure that the consolidation won't make matters worse. Any advice or suggestions are welcome.