Question...

[shane1120]

All,

I have reconsolidated all my student loans (5) into one loan. I have had these loans since 2009 and have been paying on them since 2010. My question is, when the new company, do not know who yet, pays off my old school loans and all 5 loans show closed with a 0 balance, how will this effect my score? Will they new consolidated loan being added to my CR for 20K ding me big time?

Thanks

[pizzadude]

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@shane1120 wrote:

All,

I have reconsolidated all my student loans (5) into one loan. I have had these loans since 2009 and have been paying on them since 2010. My question is, when the new company, do not know who yet, pays off my old school loans and all 5 loans show closed with a 0 balance, how will this effect my score? Will they new consolidated loan being added to my CR for 20K ding me big time?

Thanks

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I wouldn't expect much of an impact to your FICO score, since paying installment accounts usually doesn't make much of a difference, and the effect of installment account utilization is very, very minor.