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Will consolidating loans help my credit?

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Anonymous
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Will consolidating loans help my credit?

Hi everyone!

 

I have 7 student loans totaling $15,000. Ive had them for 3 years. I have 1 late payment in June of 2017 that is reporting on my credit. I called to see if I could get retroactive forebearance but they told me no. I wanted to know if consolidating my loans would erase all of those late payments since I would be basically starting over on a new loan if I consolidate. Will those payments and loans be taken off my report completely? Or how would that work? Will that make my score go up?

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Anonymous
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Re: Will consolidating loans help my credit?

No, it will show up as one new loan but the old tradelines will remain, with the late. I'm sorry. If it is just a 30 day late, your account will recover before the 7 years of up. Just give it some time.
You could also call in a few more times asking for the retroactive forbearance. Idk who your servicer is, but imo they're all horrible & known to give different answers at different times. Maybe you can get to a specialist who can at least tell you why if it's really a no.
Message 2 of 3
Anonymous
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Re: Will consolidating loans help my credit?

Thank you!

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