Hello all,
I'm a total newbie, so take it easy on me here if my logic is flawed. All advice is welcome!
My oldest account is a Sallie Mae student loan I took out just over 5 years ago. This is my longest open account, by well over a year, & I was wondering a couple things. Firstly, here is the loan, taken from Equifax...
Company/Account Name: SALLIE MAE-FFELP
Account Number: XXXX
Date Opened: 09/2003
Last Activity: 08/2005
First Delinquency: N/A
Type: Installment
Rate/Status: PAYS AS AGREED
High Credit: $2,625
Terms: N/A
Balance: $0
Past Due: $0
Most Recent Date Reported: 12/2005
Comments on Account: Student loan - payment deferred
It's that "payment deferred" that is worrying me. (I grew up in NOLA, & when Katrina hit, the government deferred all student loans). But I paid the loan in full, before that happened. It seems to me it should say "paid in-full". Is that something I should look into?
Secondly, as I said, it IS my oldest account by almost 2 years. I would like to keep it open indefinitely, but it hasn't reported since 2005 & I never plan on using it again. Will it drop off my report in 7 years, or can I just leave it as is?
Thanks all!
Alysa