https://ficoforums.myfico.com/t5/Student-Loans/Consolidating-Student-Loans/m-p/1024288#M6959 Is it good Consolidating Student Loans? Or does it hurt your score a lot? Wed, 07 Sep 2011 01:24:35 GMT Newmanboy32 2011-09-07T01:24:35Z https://ficoforums.myfico.com/t5/Student-Loans/Consolidating-Student-Loans/m-p/1024288#M6959 Is it good Consolidating Student Loans? Or does it hurt your score a lot? Wed, 07 Sep 2011 01:24:35 GMT https://ficoforums.myfico.com/t5/Student-Loans/Consolidating-Student-Loans/m-p/1024288#M6959 Newmanboy32 2011-09-07T01:24:35Z https://ficoforums.myfico.com/t5/Student-Loans/Consolidating-Student-Loans/m-p/1025336#M6964 <P>The impact to yoru score should be minimal.&nbsp; There will be a new account, which will hurt your Average age of accounts.&nbsp; This will lower your score, but it will improve in time.</P><P>&nbsp;</P><P>The advanatge is, since you only have one bill to pay, so you are less likely to be late, and if you are late, only one account is late.&nbsp; WIthout consolidation, its easier to forget a payment, or its possible to be late on multiple accounts.</P><P>&nbsp;</P><P>I wouldn't worry about the impact on your FICO score.&nbsp; My bigger concern would be if consoliation is in your best interest.&nbsp; A while ago, consolidating loans would lock in your interest rates, but since loans have a fixed interest rate, that benefit is gone, so consolidtion still makes sense for some people, but not for everybody.&nbsp;</P> Thu, 08 Sep 2011 01:03:43 GMT https://ficoforums.myfico.com/t5/Student-Loans/Consolidating-Student-Loans/m-p/1025336#M6964 Travis-84 2011-09-08T01:03:43Z