CONSOLIDATING HURT OR BENEFIT CREDIT SCORE

[BLESS]

I have about 7 federal student loans totaling 24,000. im currently on an IBR plan. will consolidating my loans hurt my credit score?

[Anonymous]

That depends on what else is in your credit file, really. There's different faactors to consider. Good thread here:

http://ficoforums.myfico.com/t5/Student-Loans/To-Consolidate-Or-Not-To-Consolidate-Student-Loans/m-p...

[webhopper]

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@BLESS wrote:

I have about 7 federal student loans totaling 24,000. im currently on an IBR plan. will consolidating my loans hurt my credit score?

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In my case; the 7 long history tradelines really helped bolster my average age of accounts. That being said; I consolidated in 2007 and it was something I never regretted. I used chase to consolidate. My loans are still held by chase but serviced by ACS. Having just one payment has really helped me a lot with managing my credit to make sure I didn't miss anything.