Does consolidating student loans hurt your credit
Further, my contact at Mint pointed out that the students who graduated this past spring are about to start having to pay back their loans, assuming they had a six-month deferment period.
So, thanks to Grant for submitting the following questions…
First, there is getting a student loan or loans for school.
While a credit score is not considered when applying for Federal student loans, a poor one (below 650) can stop an application for a private student loan dead in its tracks.
The relationship between your student loans and your credit scores has two stages.
Applying for students loans to begin with and then the manner and time how student loans are paid off.
According to Federal law, you are allowed a free copy from these agencies each year.
If there is information that is false, misleading or happened over a decade ago, then you need to look into having it changed or deleted as soon as you can.
For some people, debt consolidation will be the best option because it can allow you to group all your debt together, thereby making it easier to manage your debt – and in some cases lowering your monthly payment and interest rate at the same time (see our article on how debt consolidation works).In theory, debt consolidation should not have a major impact on your credit score.However, the fact is, debt consolidation can improve or hurt your credit score.SEARCH RATES: If you're considering a personal loan for debt consolidation, first check out the rates at Moving the balances of your credit card accounts into an installment loan for purposes of consolidation may cause a slight drop in your credit score.