topic Re: Does Direct Loans pull your credit when applying for consolidation? in Student Loans

Does Direct Loans pull your credit when applying for consolidation?

kentucky_golfer — Mon, 14 Jan 2013 22:46:29 GMT

We are closing on a home next week and I am wanting to consolidate my federal student loans. However, I do not want a hard inquiry pop up right before closing. Does Direct Loans pull a hard when you consolidate, or should I just wait until after we close?

Thanks!

Re: Does Direct Loans pull your credit when applying for consolidation?

Anonymous — Thu, 17 Jan 2013 00:31:01 GMT

I would like to know the answer to this as well!

Re: Does Direct Loans pull your credit when applying for consolidation?

SCF — Thu, 17 Jan 2013 05:51:04 GMT

I don't think so, because the loan is not based on your credit-worthiness, just the status and type of your loans.

BUT, I would just wait to do anything until your mortgage closes. It's not worth the risk just to move the process up a few days.

Re: Does Direct Loans pull your credit when applying for consolidation?

loviedovie — Fri, 18 Jan 2013 22:53:20 GMT

@SCF wrote:
I don't think so, because the loan is not based on your credit-worthiness, just the status and type of your loans.

BUT, I would just wait to do anything until your mortgage closes. It's not worth the risk just to move the process up a few days.

They didn't for me.

Not sure if they do as a general rule...

Re: Does Direct Loans pull your credit when applying for consolidation?

Anonymous — Fri, 18 Jan 2013 22:57:56 GMT

One thing that you may want to consider, and that I DO know, is that the consolidation loan WILL show up as a new line of credit. It hit me when I did the special consolidation last year, and I am expecting it to hit me again when I complete the regular consolidation. I'm not sure how long it takes to recover from that, or exactly how significant the hit will be.