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Will consolidating hurt my score?

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Anonymous
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Will consolidating hurt my score?

My husband has a Perkins loan from a long time ago that is on his CR.  When he consolidated all of his student loans about 6 years ago, we assumed that this loan was included in that consolidation.  This was unfortunately before we realized the importance of keeping on top of our credit.  Anyway, the Perkins loan was not consolidated, but it's listed on his CR as a negative item since it hasn't been paid.  We would like to get it taken care of, either by paying it or by getting it consolidated with the rest of the student loans.  Will either of these options hurt his credit score?  What is the best way to handle this?  Has anyone had luck with PFD for a Perkins loan?  I'm afraid that if we PIF they will just change the status of the loan to 'paid' and his score will go down.  We can't afford any more negative points on his score right now, so I definitely don't want to do anything that will affect it negatively.  Any advice would be greatly appreciated!

Message 1 of 3
2 REPLIES 2
IOBA
Senior Contributor

Re: Will consolidating hurt my score?

If it were me, I'd start paying it immediately and not do a loan consolidation. 

 

  

Message 2 of 3
IOBA
Senior Contributor

Re: Will consolidating hurt my score?

What worked best for you?  The consolidation or just paying each loan individually?
Message 3 of 3
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