Effect of consolidating student loans on credit score

Posted by / 19-Dec-2019 06:09

However, since the interest rates on private student loans are based on your credit score, you may be able to get a lower interest rate through a private. As long as you make the payments on time and in full, the multiple student loans showing on your credit report will not have any negative effect on your.

Here are some of the key differences: Not sure about the consolidation not affecting your score.

Wait until after your important loan is approved to refinance the less important loan.

The same is true if you’re going to refinance multiple loans: start with the one that benefits you the most, and work your way down from there.

The new loan isn’t really better: another reason to avoid refinancing is that you might end up in a worse position than you were in previously.

You might be able to get a lower interest rate or monthly payment, but what’s the tradeoff?

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