Score change after consolidation

[wednesdayaddamsd]

Hello Gang,

I am consolidating my student loans (14 of them) into one loan. Has anyone consolidated and what happened to your score? I am guessing that the loans will take some time to show up as paid, since they're with 3 different lenders. Does anyone remember how long they took to show up as paid? And how long it took for the "new" consolidation loan to pop up on their reports?

Any information as to what happened to your scores during this process? I am in the midst of getting ready to apply for a mortgage and VERY nervous about my scores dropping because of this consolidation.

I cannot believe how absolutely nerve wracking applying for a mortgage is. I guess for someone with perfect credit the process is pretty smooth. My credit karma is not very good so I guess this is my karmic debt to be repaid.lol.

Thanks in advance for any help or information anyone has on this matter. )

[Scope27]

I had a score increase after my consolidation. I was using the exerian site at the time so it was a fako increase.  IDK how it affects the fico score

[wednesdayaddamsd]

Thank you, Scope!

[Scope27]

I forgot to mention after my consolidation it took 2 months after approval to show up on my report but it did show correct payment history from my first payment

[Anonymous]

Thank you,Scope. That is very helpful!

[Anonymous]

I am really surprised at the number of people who have crazy score increases, and then the number of people who don't have any score change at all. Does anyone know why?

[Jazzzy]

I don't know that I had any score change due to the consolidation. When the new consolidated loan shows up it will be a new account, which may give you a tiny ding...plus it will lower your AAoA. If the consolidated payment is less than the separate payments, it will help your debt to income ratio when you apply for your mortgage.

Overall, my consolidation was a big yawn as far as my scores were concerned, but I have a pretty long credit history.

[Anonymous]

Thank you,  Lynette. I am hoping to be in the "crazy score increase" category and not in your "yawn" category! Ha hah hah!

[wednesdayaddamsd]

yeah, me too!

[wednesdayaddamsd]