Raise FICO by Consolidating Loan??!

[Anonymous]

I have a $26,000 student loan with Sallie Mae that has 90 day lates 07/2009=I4,06/2009=I4,07/2008=I5.  My Equifax Fico is 684 and I want to get it up to obtain a residential construction loan and mortgage.  I am able to get a Federal Direct Consolidation loan and was told that it would rehab and remove the negative reporting. Does this sound right?

Also, it is currently showing a utilization of 104% because the original loan amount was $25,000! ??

Will this bring up my score even though it will be a new account since the other will be paid off with no negative info and utilization will be at 100% vs 104%?

I don't want to do anything that may bring my score down.

Thanks for any useful info!!

[Anonymous]

I have a $26,000 student loan with Sallie Mae that has 90 day lates 07/2009=I4,06/2009=I4,07/2008=I5.  My Equifax Fico is 684 and I want to get it up to obtain a residential construction loan and mortgage.  I am able to get a Federal Direct Consolidation loan and was told that it would rehab and remove the negative reporting. Does this sound right?

Also, it is currently showing a utilization of 104% because the original loan amount was $25,000! ??

Will this bring up my score even though it will be a new account since the other will be paid off with no negative info and utilization will be at 100% vs 104%?

I don't want to do anything that may bring my score down.

Thanks for any useful info!!

[MarineVietVet]

I am locking this thread since there is an identical thread in Student Loans.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".