Will Consolidating Student Loans Boost Score????!

[creditstalker]

I'm in the process of consolidating all of my student loans through Direct Consolidation.  They will payoff all of my loans with Sallie Mae, and open a new account.  I just wanted to know if this will increase my score or will it have no effect?

EXP 581

EQ 499

TU 564

[creditstalker]

I'm currently in Forbearance and have about 15 different accounts if that helps.  I spoke with several people and was given mixed reviews.

[StartingLifeOver]

I was thinking of doing the same thing but from what I've read, consolidating your loans closes the current loans and starts a new TL. I imagine this would lower your score a bit initially, since the AAoA would lower. I could be completely wrong. Hopefully someone more experienced could chime in here.

Also, pay attention to the interest rate and terms. Consolidating wasn't worth it for me although it would knock about $30 off the payment because it extended the repayment period.

[SCF]

StartingLifeOver is correct, the new loan will impact your AAoA, and cause a "new account" ding for a few months, but the overall impact will be minor, certainly less than missing a payment on 1 or more of your accounts.  Consolidation has a very limited effect on your credit, so you should make your decision about whether to consolidate based on its impact on your repayment options and finances.