Closed Student Loans on Credit Report

[Josh]

I’ve checked my credit report for the first time.

I’ve noticed that I have a few closed student loans accounts. On the ‘Date Opened’ it shows 6/95, and on the ‘Date Reported’ it shows 11/05.

Would it raise my credit score if I have this taken off because the accounts are too old?

[Daniel]

It helps your score

Josh,

A few things:

To start with, it’s not up to you to take or leave stuff from your credit report. Whether the information is positive or negative – if it’s legal and valid than there is no way you can take it off.

In your case – that information is actually good and there is no reason for taking it off. It’s good for your score, and taking it off would have hurt your score.

1) The loans add age to your credit report – which is a good thing.
2) The loans add to your credit diversity – another thing that helps.
3) When you’ll apply for a loan or credit – nothing shows better that a record of loans with on-time payments!

Just never be late on a payment, any payment.

Daniel

[Author]

Posts