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Consolidating loans; will it help or hurt my score?

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Anonymous
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Consolidating loans; will it help or hurt my score?

I recently consolidated my student loans. One loan dates back almost 7 years ago, while the other opened in 10/06 when I started school again. Will this affect my score in a negative way and will it be considered a new account? I also wanted to know if I should get a secured card to improve my scores. I currently have a dept. store card and pay regularly on that. Will the revolving card and making timely payments on my consolidation be enough to improve my scores?                                                               Thanx 
Message 1 of 5
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Anonymous
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Re: Consolidating loans; will it help or hurt my score?

I'm pretty sure that consoidating loans lowers your score.  It changes your debt to income ratio hence, lowering your score.  The best advice anyone ever gave me was "never create new debt from old debt".
Message 2 of 5
Anonymous
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Re: Consolidating loans; will it help or hurt my score?

motivated,
 
How bad are your scores?
 
Message 3 of 5
Anonymous
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Re: Consolidating loans; will it help or hurt my score?

My scores are 659, 546, and 569
Message 4 of 5
Anonymous
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Re: Consolidating loans; will it help or hurt my score?

Do you have any late pays, collections or charge offs? For a difference that big, it seems there are likely other negatives pulling down your scores.
Message 5 of 5
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