Hey Everyone:
I have been paying my school loan for a while now and realize that it is showing as eight separate accounts. My question is: will consolidating my loans increase my credit score? Thanks! Sass
Starting Score: 512
I don't think consolidating will affect your scores one way or the other. Be aware that, as it stands, if you miss a payment or mess something up, you will have messed it up on 8 separate accounts. So a 30 day late = 8 separate lates, for instance. If you're up to date though, it just means you have 8 separate accounts in good standing, which is great.
Sometimes consolidating can help in the sense that it makes your loans easier to keep track of, which makes it less likely that you'll miss a payment or any important paperwork.
Starting Score: EQ 539