i need all the points i can get do any of you guys know if i consolidate my student loan debt will that increase my score right now i have about 15 tradelines reporting if i can managing to consolidate them to report as 1 or 2 trades would that help my score? i know that the balances will basically be the same
It depends on other factors in your credit file. Also how old the loans are and if the new consolidation loan will change your AAoC, and if you balances reporting are higher than the original loans will have an affect.
At most, I wouldn't expect to see more than a 5 - 10 point change though. But if that's the difference between getting approved for what you need, or not, might be worth it. But you also run the risk of your score dropping, by lowering your AAoC....
If one of the things listed on your credit report for pulling your score down is too many accounts reporting a balance it might be worth it - if you don't have that listed, I wouldn't bother. Focus on the things listed on your credit report as lowering your score - those are what has the greatest impact
If you need the points right now, I wouldn't do it (unless you have some bigger financial purpose, such as fixing a currently low variable rate).
I had a clean but thin file, with 6+ student loans and two revolvers. AAoA of about 9 years. I consolidated my loans as you are considering. It dropped my scores from the low 800s to the low 750s. There were no other changes in my file (util < 5%, etc.) I think this was due to the new consolidated Ioans showing up as new accounts, thus dropping my AAoA. I also suspect that closed loans aren't weighted as heavily.
My scores have since increased over several months, but not to their previous levels.
you know i didnt even consider the fact that consolidating would lower my aaoa which is about 17 years the student loans reporting are from the late 90s early 2000.great point
reviving your post, did you ever consolidate?