Regular Contributor
Posts: 206
Registered: ‎12-20-2012
Re: Direct Consolidation Impact on lines of credit?

SCF wrote:

Consolidating your loans will cause your current trade lines to be marked as paid, possibly with a note saying they were transferred, consolidated or refinanced (I have all 3 on my reports, seems to vary by original lender and CRA).  Then, a new account will be opened, with a open date that matches when your consolidation loan was processed.


It won't impact your average age of accounts much because the old accounts will remain on your report around 10 years.  Overall, you may see a few points of movement in your score, but in the long-term, it will have no real impact.

Oh really? I thought that the different CRAs count things differently, and that for some AAoA only includes your current open accounts..  Great if that isn't true!

Starting Score: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740