Refinance Student Loans - Effect on Credit Score?

[Anonymous]

I have an offer from Navy Federal to refinance my student loans. Variable rate as low as 3.14% APR. Fixed rate as low as 3.39% APR. What's my best strategy to keep the best credit score? 

• Leave the one for $3271.88 open to keep the credit history, refinance the others? (Otherwise my oldest open credit would be only 6 months.)
• Refinance the loans that are 8%?
• Fixed or variable?

I haven't been in a hurry to refinance because I have until the end of March and my student loans are currently on hardship forebearance. Obviously I will have to start paying again when I refinance.

FEDLOAN SERVICING

$11,085.75 - 3/25/2005 - 5%
$6,537.35 - 3/31/1986 - 8%
$3,245.74 - 2/3/1987 - 8%
$3,271.88 - 10/9/1986 - 8%

I appreciate any feedback.

EX: 780, EQ: 732, TU: 766

NFCU Auto Loan - $261/month
CREDIT CARDS:
Regions Bank - 6 mos - $750 (secured)
Capital Bank (OpenSky) - 5 mos - $200 (secured)
Navy Federal CU - 5 mos - $1500
Capital One Spark Business - New - $5000

[donkort]

I've refinanced my student loans a number of times.

It hasn't had much effect on my credit score.

I have $65,000 in student loan debt.

As long as you keep up with the payments, I don't foresee a great change in your credit score.

[bettercreditguy1]

My thoughts would be to combine and refi. I would take the fixed interest rate  choice because interest will increase sometime in the future. I would also keep paying the combined payments of all of the loans on the newer and lower interest loan to get it paid down.

[Anonymous]

Thanks. The fixed interest  rate and the variable  are almost the same,  so it makes  sense to take the fixed.  But I'm  thinking I should leave one open to keep the age of accounts high. Right?

[donkort]

Consolidation is the best approach.  The age of your first student loan account would be used in the calculation of "account age."  

I used to have four student loans on my report.  Now, I have one.

[Anonymous]

But doesn't  the age of accounts  only calculate those that are open? Isn't  that why they say not  to close old credit  cards?

[donkort]

It didn't matter to me.  They keep the oldest date.

Make sure you ask them, when you consolidate, to keep your oldest account reporting.

As for me, they did that automatically.