Do I have to consolidate BOTH loans?

[direred]

I have an existing consolidation loan AND a loan that I left unconsolidated in case I ever needed more options.

 

Because I have two loans, do I have to consolidate BOTH to make one new loan? Or can I consolidate just the unconsolidated one?

 

I'm considering moving them all to Wells Fargo, in part because it's close to me and I'm tired having my loans across country. Weird, I know.

 

I'd rather not up the interest rate on the big loan if I don't have to.

[snowpuppy]

Direred, you want to be closer to your debt?

 

Just teasing. In order to consolidate, you have to have more than one loan. If all you have is one consolidation and one additional loan, then you do have to use both. If you have several loans, you don't have to consolidate them all.

 

Your interest might not budge much. Consolidations are the 'weighted average' of both loans. Try a consolidation caculator (there's one on Great Lake's website) and see how your rate changes. FWIW, the feds are considering raising interest on consolidations to 8.75%. This hasn't passed congress yet but it looks like a sure thing.

[TxQuiltGirl]

Direred, you want to be closer to your debt?

 

Just teasing. In order to consolidate, you have to have more than one loan. If all you have is one consolidation and one additional loan, then you do have to use both. If you have several loans, you don't have to consolidate them all.

 

Your interest might not budge much. Consolidations are the 'weighted average' of both loans. Try a consolidation caculator (there's one on Great Lake's website) and see how your rate changes. FWIW, the feds are considering raising interest on consolidations to 8.75%. This hasn't passed congress yet but it looks like a sure thing.

 

 

 

I do not believe this is correct. I believe that you CAN consolidate just one loan - even though the term "consolidation" would lead you to believe that you would be putting mulitple loans together.

[LynnInMN]

You can consolidate ONE loan.

 

Why would you want to be closer to your loans. Just because Wells Fargo is in San Fransico, the payment center could be just about anywhere in the US. Most companies offer a interest reduction for auto drafts so your loan could be in Timbuktu for all that matters!!!

[direred]

You can consolidate ONE loan.

 

Why would you want to be closer to your loans. Just because Wells Fargo is in San Fransico, the payment center could be just about anywhere in the US. Most companies offer a interest reduction for auto drafts so your loan could be in Timbuktu for all that matters!!!

 

I don't know why I want to be closer, but it's probably something related to having gotten my credit card from BofA and being thrilled that I could, you know, go into a bank branch and all. Plus, I'd like to establish a relationship with WF and this is probably the only way I can do it short-term.

 

Oh, and: I don't especially care for Sallie Mae. My other loans are with a lender I vastly prefer. Initially, I was going to consolidate with WF, but due to the app having been eaten by their system, I wasn't able to proceed and went with my other lender for my other loans.

Edited February 7, 2006 by direred

[nicnac]

You can consolidate ONE loan.

 

Why would you want to be closer to your loans. Just because Wells Fargo is in San Fransico, the payment center could be just about anywhere in the US. Most companies offer a interest reduction for auto drafts so your loan could be in Timbuktu for all that matters!!!

 

I don't know why I want to be closer, but it's probably something related to having gotten my credit card from BofA and being thrilled that I could, you know, go into a bank branch and all. Plus, I'd like to establish a relationship with WF and this is probably the only way I can do it short-term.

 

Oh, and: I don't especially care for Sallie Mae. My other loans are with a lender I vastly prefer. Initially, I was going to consolidate with WF, but due to the app having been eaten by their system, I wasn't able to proceed and went with my other lender for my other loans.

 

I dunno if it applies to SL's but I can pay my car loan at any WF branch.

[direred]

I dunno if it applies to SL's but I can pay my car loan at any WF branch.

 

That's one reason.

[LynnInMN]

I dunno if it applies to SL's but I can pay my car loan at any WF branch.

 

That's one reason.

 

By paying monthly at a branch would probably mean loss of interest rate reduction for auto drafts.

[direred]

By paying monthly at a branch would probably mean loss of interest rate reduction for auto drafts.

 

I intend to set up direct debit, but it would be nice to be able to drop by (WF is my closest bank) and make an extra payment.