Does consolidating student loans help credit score

16-Aug-2019 14:24

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The good news is that student loan inquiries, as with mortgages and auto loans, are “deduplicated” on credit reports.

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In either case, until your loan enters repayment status, your credit won’t get penalized for missed payments.

When you take out an installment loan, like a student loan or car loan, you take out a lump sum of money.

Then, you pay that sum back over time with fixed regular payments.

If it does get reported, it can drop your score by 90 or more points.

That drop can stay on your report for up to seven years.Credit scores are calculated by the credit bureaus using certain factors from your credit report, including: Having a student loan affects the age of your credit and debt diversity—AKA account mix.