Nelnet and Credit Reports

[simplyhappy]

Hello, I'd appreciate any suggestions about Nelnet and credi reporting issues...
I've consolidated my medical school loans via the Special Consolidation Program with Nelnet. I was applying for a aprivate loan to cover relocation expenses only to find out that Nelnet has reported each type of loan (from each semester) individually. I've been denied loans (which never happened before) because of "too many open accounts referring to the Nelnet accounts. Previous threads commented this may be good for some without credit history, but in my case, I am afraid it is hurting my credit record because of the number of accounts. I have no blemish on my credit history, never late on credit card payments, but I'm afraid the Nelnet accounts will prevent me from getting loans in the future. What do you suggest in this situation? Should I switch to traditional consolidation? How can I fix my credit report because of this? THANK YOU for any comment you can give!

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[Igor4sugry]

I am afraid it is hurting my credit record because of the number of accounts. I have no blemish on my credit history, never late on credit card payments, but I'm afraid the Nelnet accounts will prevent me from getting loans in the future. What do you suggest in this situation? Should I switch to traditional consolidation? How can I fix my credit report because of this? THANK YOU for any comment you can give!

I don't think its hurting your credit score (but check your credit report anyway).

Lenders have rules, and when they see many accounts open they get anxious. Especially when salary is low. I was denied getting an auto-loan when I applied directly to a bank. They told me I had too many loans relative to income.

So yes, the student loans will continue to give you troulbe in securing a loan. But I don't think it will give you trouble in getting a credit card.

Changing type of consolidation probably won't do anything.
The short term solution is to get someone else to sign for the loan.
The long-term solution is to pay-off your debts, and pay for things in cash (which is the best financial situation anyway).