Anyone do the SAVE/IDR consolidation? What's being reported on CRs?

[BuckyB]

I just completed a federal consolidation from 4 Nelnet privately held loans into 1 federally held loan to take advantage of the (eventual) potential SAVE/IDR repayment forgiveness stuff.

Curious about what this will look like on my credit report and especially how it will affect my scores.

I had four reported loans from 2006 that were with Access until 2018, when they were transferred to Nelnet.  I have some 120+ lates on each because I thought repayments had stopped during the pandemic and apparently they hadn't.  I disputed them and Nelnet confirmed them.  So I have serious lates on all four loan tradelines in 2021.  Those are the only derogs on my CRs.

Each of the loans actually has a higher balance than originally, meaning the interest has accrued faster than I've paid them off LOL.  Now that those four have been Paid in Full by the single federal consolidation loan as of a few days ago, I wonder how this will all shake out on my credit report.  Anyone go through this yet?

Also curious as to when all this will hit my CRs and whether or not the PIFs will hit prior to the new account showing as open.

[Thorin809]

I can't speak to how it will appear on your CR, but I would be surprised if the PIF hits before the new accounts. 

I am currently dealing with them not reporting a payoff (technically a transfer to another lender, so similar situation) from June 2023.  The last time they reported was a month prior in May 2023.

So if they don't update by February, I would recommend giving them a call.

[ALLgoodABQ]

I’ve also been considering the SAVE plan consolidation. I’ve got 6 federal loans at Aidvantage and a private one, both between 15-17 years old. No late’s reported however on either.
I’m wondering if consolidation will hit my credit bad due to their age?