Contributor
loviedovie
Posts: 135
Registered: ‎12-20-2012
Direct Consolidation Impact on lines of credit?

Hi!

Does anyone know if consolidating loans via direct consolidation will: 

A) remove all of the tradelines and replace them with one new one

B) make the average age of accounts only as old as the new one

 

I am wondering if these things will hurt my score..

 

OR- does it help because the other accounts show closed, paid. ??


Starting Score: TU 610 EQ FICO 635
Current Score: EXP 688 EQ FICO 701
Goal Score: 740 by NYE 2013

Take the myFICO Fitness Challenge