Hi!

The SallieMae student loans on my CR list multiple loan listings. I am/have been in repayment for awhile. Is it possible to get ONE loan listing rather than 4 or 5? I make one loan payment, why can I not have it showing as ONE open account?

I've tried with SallieMae to no avail. Is this normal? It seems like all the "open accounts" from SallieMae is hurting my credit score....

Thanks!

Nope, unfortunately, you can't get it changed; that's the way SLs report (and not just SM). While you make one payment, so it seems like you just have the one loan, you actually had a separate loan for each term you were in school. While you make one payment for convenience, they're really applying your payment proportionately to each "loan." It doesn't have any effect on your score. You can consolidate your loans (since they're all with SM, you'll have to consolidate with them) and then they'll pay off those TLs with your consolidation loan (they'll all show closed and "paid through refinance" or something to that effect). Then, you'd only have one TL and a fixed rate of interest. That's something to consider; maybe check with SM to see if that would work in your situation. But, it's not necessary to do it for your credit score -- consolidation has a lot of benefits, but closing the TLs from your original loans isn't really one of them.

Hope this helps!!

Hi There!

Yes, it does help. I did refi/consolidate years ago...much better rate now than what I got! They said you can only consolidate once and wouldn't let me do it again.

Due to unemployment, I was late on some of my repay. I thought I would get a job faster than I did so I didn't go the hardship route. So now, it shows multiple derrogatory reporting per SM line item on my CR.

Am I stuck or is there any way to get the multiple negative reporting taken off my CR?

Sorry for so many questions! Thanks!

I've heard that Sallie Mae is a stickler for not removing late payments and verifying everything. Their website explains they will only remove negative reports if you were in military service overseas.

I wonder if anyone has had luck with any other companies/banks. I'm thinking about claiming "inacurracies" against my former school and Wells Fargo.