trying to bump my score

[onthemove]

I have 4 student loans. All in good standing. if I consolidated them will i get a boost with my credit score? I have a copy of my report from myfico.com. On it, they are saying "You have too many credit accounts with balances."

(edited to remove link to webpage that displayed personally identifiable information.  For your own safety, please do not post such information in the forums.  -Scamp)

Message Edited by onthemove on 03-08-2010 07:31 AM

Message Edited by Scamp on 03-08-2010 08:29 AM

[RobertEG]

I doubt it.  "Consolidation" means you take out a new loan sufficient to pay the multiple, existing loans.  It wont change your overall % util, and will probably add a new inquiry to obtain the new loan. 

Dont pay a lot of attention to those comments in your CR.  It is how you pay the accounts that really matters, not how many you have.

I dont see the benefit to "consolidate" in your case, other than reducing the 4 checks you are writing now down to only one.

[crivas21]

I just went from 680 to 760 in 5 weeks by paying $9500dls on my credit cards and my util now is 1%. you should try to pay ahead on your loans and maybe expect a bump on your scores in a few weeks.good luck.