Member
LookingToImproveFICO
Posts: 8
Registered: ‎08-27-2012
Re: Consolidate loans to reduce number of installment accounts on credit report?

@ Jazzzy

 

I'm pretty much in the same boat as you (before you consolidated). All subsidized or unsubsidized Stafford loans. I also get the discount for automatic payment from my bank account.

 

As for number of payments, I only make two (1 for 1 of 13 accounts, and 1 for the other 12 of 13 accounts). The second payment is divvied up amongst the 12 individual loans - and all 12 are serviced by the government directly - they've reported everything correctly thus far.

 

I'm fearful that if I consolidate, that it will actually hurt me and not help me. Basically, I want to turn 13 installment accounts into 1. But is that too few installment accounts on my credit report?