topic Re: CONSOLIDATING HURT OR BENEFIT CREDIT SCORE in Student Loans

CONSOLIDATING HURT OR BENEFIT CREDIT SCORE

Anonymous — Tue, 23 Oct 2012 00:56:20 GMT

I have about 7 federal student loans totaling 24,000. im currently on an IBR plan. will consolidating my loans hurt my credit score?

Re: CONSOLIDATING HURT OR BENEFIT CREDIT SCORE

Anonymous — Tue, 23 Oct 2012 01:53:05 GMT

That depends on what else is in your credit file, really. There's different faactors to consider. Good thread here:

http://ficoforums.myfico.com/t5/Student-Loans/To-Consolidate-Or-Not-To-Consolidate-Student-Loans/m-p/858484/highlight/true#M6057

Re: CONSOLIDATING HURT OR BENEFIT CREDIT SCORE

webhopper — Thu, 25 Oct 2012 02:28:24 GMT

@Anonymous wrote:
I have about 7 federal student loans totaling 24,000. im currently on an IBR plan. will consolidating my loans hurt my credit score?

In my case; the 7 long history tradelines really helped bolster my average age of accounts. That being said; I consolidated in 2007 and it was something I never regretted. I used chase to consolidate. My loans are still held by chase but serviced by ACS. Having just one payment has really helped me a lot with managing my credit to make sure I didn't miss anything.