Does consolodating student loans affect score?

JonRun · ‎06-21-2012

I just consolidated my Sallie Mae student loans and was wondering if anyone knows whether the loans being paid in full to Sallie Mae and consolidated into one loan will affect my credit score, either good or bad?

pizzadude · ‎06-22-2012

@JonRun wrote:
I just consolidated my Sallie Mae student loans and was wondering if anyone knows whether the loans being paid in full to Sallie Mae and consolidated into one loan will affect my credit score, either good or bad?

I wouldn't expect much change to your FICO score ~ paying off installment loans generally doesn't do much of anything.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

GST2008 · ‎06-30-2012

I consolidated and did not see any noticable change in more score in either direction.

Current:
TU (5/14/14): 796 (Inquiries; 8/23/13)
EQ (3/23/14): 791 (Inquiries: 8/23/13)
EX (9/24/13): 780 (Inquiries: 7/2/12; 11/20/12; 7/30/13; 8/23/13)

Goals: No new inquiries for 2014, 800 for all CRs by 12/31/14