I checked my score and I noticed I have a 685. I'm kinda annoyed by it and it shows I have 9 accounts running which are all student loans. I asked around and was told that I should consolidate my loans but still pay the normal amount I'm currently paying for 10 or 5 yrs (depending on my mood). Will consolidating my loan improve my credit score and push it back up in the 700s?
PS 1 year into my loan. My loan has been active for 4 years. I've started paying it off last year.
Ohh... and all my payments where made on time! I'm also trying to apply for a good low interest rate and 0 apr card or maybe some miles card so I can travel more and not feel so pissed when I put something on a card (if I ever get approved). I feel once I do get approved I can show them that I'm the most freakin reliable person with a card >_<
Consolidating isn't going to do much for your score. In fact, you might see an initial decrease from that new account ding and a possible impact to your AAoA when the new loan reports.
Reasons to consolidate might include: simplicity of making payments to one servicer, choosing an extended payment plan for lower payments, moving to Direct Loans to allow you to take advantage of Public Service forgiveness, and just wanting to have 1 or 2 tradelines to monitor for correct reporting, and only one application to submit for IBR, deferment, etc..
It's a nice option, but not neccesarily the best for everyone.