Will consolidating raise my credit score?

[Anonymous]

Has anyone experiences score improvement  after the consolidation hit their report?

[Anonymous]

bump

[tangerinze]

Probably nill.

If anything I would think it will temporarily hurt your scores as your AAoA will go down with the 1 new account and the closing of however many older accounts you have on the loans. You still have the same amount of debt, so it really doesn;t change anything. 

Consolidating is probably a good thing in the long run though. And, if you ever fall on hard times and make a less payment you'll have less lates. As I learned, even though I only had 1 month of lates, I had 9 loans so I have 9 lates.. if they were consolidated I would only have 1 or 1. 

[Anonymous]

It may cause a score drop depending on what else is on your reports. 

I applied for consolidation back in February 2017, and it was complete in April. I suffered an 11-13 point hit on my Equifax and Experian reports because the loans were updated to a "paid" status. The student loans were not reporting on my TransUnion. I believe my score hit came from the fact that I have no other installment loans on my credit report so I lost the "credit mix" that FICO likes. 

[Anonymous]

I took a pretty big hit when i consolidated. Lost the old open accounts and then my loan ratio went from <80% to 100%

[Anonymous]

I got a huge increase when I consilidated because I think it considered it a whole new loan of a very large amount of money. I went up something like 30 or 40pts.

[Anonymous]

I took a hit of about 25 points with each bureau.  It was just reported the end of May. My feelings are hurt. I'm curious to see how long the before I can get those points back.

[Anonymous]

My loans from FedLoan appeared on Equifax and Transunion over the weekend. Lost 4 points with TU and 10 points on Equifax. It sucks, but I'm more curious to see how this effects my mortgage scores as that's whats more important to me right now. 

[tlavery]

Hi Rookie,

i would definitely be Ly be interested to know what it did to your mortgage scores too.  I am doing a consolidation in order to do a mortgage and hope that my scores go up as a result of the default dropping off.

---

@Anonymous wrote:

My loans from FedLoan appeared on Equifax and Transunion over the weekend. Lost 4 points with TU and 10 points on Equifax. It sucks, but I'm more curious to see how this effects my mortgage scores as that's whats more important to me right now. 

---

[Anonymous]

I am waiting to see what the damage will be with mine. I will be happy if my score only drops a few points to 10 points. But I am hoping it improves it the way I thought it would though.

I think I messed up by adding my smallest oldest loans to the consolidation. I originally left them off and don't know what possessed me to have them add those loans too. I am not usually impulsive these days so I must have thought it was going to help things. And then realized what I had done when it was too late. 

My loans were suppose to be paid by 6/12/17. Only some of my loans showing as paid on Navient's website as of Fri. None are reporting on my credit file yet as far as I know. I checked Credit Check Total over ther weekend, and nothing. So not sure when to expect it, but I'm nervous.

The credit score simulator keeps telling me my score will improve a lot when I pay all $50,000 in student loans. I was sort of hoping there would be a delay for 2-3 weeks at least between the loans showing as paid and the new loan reporting. But maybe I don't want that lol. Guess I will see soon enough.