Private College Student Loan

I thought consolidating student loans would erase the Sallie Mae loans....?

I went through a company to consolidate my student loans. Currently, on my credit report, it shows I have about 10 Sallie Mae loans open. Once Sallie Mae is paid, will they delete the accounts from my credit report or will it still be on there and show as paid? Is there anyway I can get them off, because I don't want a whole lot of accounts shown on my report. I'm trying to buy a house and want my credit report to look good. Thanks in advance. I haven't started paying any of them, so they are all negative. This is why I need them removed.

Public Comments

1. They will remain there and show a $0 balance, Paid account. If they have never been late, they are good marks on your report. No need to remove them.
2. They will still show up as paid. Having a paid off installment loan on your credit report is not a negative. Edit: But once you have consolidated they will show up as paid. Lenders like to see paid off loans. A long list of open credit accounts is what they would be worried about.
3. Once Sallie Mae is paid the accounts will still show on your report for 7 years but as paid.....as far as removing them you need to speak with Sallie Mae they may or may not consider your request.....I must also warn you that this is a long shot!
4. A credit history is a factual reflection of your past payment history. If you haven't paid on any of your student loans, then that *is* information prospective lenders are going to want to know about. Frankly, no one should loan you money if you are are in forbearance or have defaulted on the loans. Consolidating moves the debts to a new lender, but it doesn't change your debt level or your history.
5. They will stay for 7 years if there are any late payments on them, 10 years if they are clean. Having closed positive accounts will not cause you to be denied a mortgage.