cancel
Showing results for 
Search instead for 
Did you mean: 

Consolidation

tag
mashdun
Established Member

Consolidation

I am finally out of school and consolidating like 12 student loans (can't remember exact number off my head). The oldest dates back to 1998. Yes, I've been going off and on 3/4 time or full time some semesters, taking breaks some in between while working full-time.

 

Do anyone know if consolidating will help my credit score? I've already applied for it, regardless... just wondering how my score might change if I go from 12 installment  loans to 1.

 

Thanks!


Starting Score: EX 536 EQ 540 TU 536
Current Score: Aug 2013 EX ? EQ 666 TU 683
Goal Score: 700


Take the FICO Fitness Challenge
Message 1 of 2
1 REPLY 1
SCF
Valued Contributor

Re: Consolidation

The old loans will stay on your report for about 10 years, and the new loan will affect your average age of accounts and give you a new account ding for a while. Overall, the impact should be minimal, especially since you have older loans to anchor your AAoA, but it will negative at first and grow positive as you make payments on time.
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.