Does consolidating your student loans hurt your credit

11-Jun-2017 14:25

However, federal PLUS loans do require that borrowers not have an adverse credit history, which is defined by Fin Aid as “being more than 90 days late on any debt, or having any Title IV debt within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off.”For private lenders, your credit score is usually a key factor in determining not only student loan approval, but also the attached interest rate.

In other words, the better your score, the better your rate.

does consolidating your student loans hurt your credit-15

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Also, be sure ask lenders if they can tell you the interest rate you would receive without doing a “hard” credit pull, which might affect your score.But the good news is that FICO attempts to distinguish between a request for a single loan and a request for many new credit lines.As long as you rate-shop in a concentrated period of time, you should be okay.But remember, there’s absolutely nothing your lender can do to help if you don’t return their calls.

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