Who's scores went up when they consolidated SL's?

[simplysilky]

Just wondering because right now I am in my grace period and am about to consolidate $13k worth of student loans. I need my credit scores to go up....like yesterday!

[imoriginal]

That's almost an impossible questions to answer to be honest. Too many factors to consider. When I consolidated my loans, my scores went up but that is probably not the norm I'm guessing. The reason was I had 16 trade lines in my credit reports and I was getting statements from Myfico like Too Many Installment Accounts. Consolidating reduced my open trade lines, but also had a negative impact in creating a new one. Since Fico takes into account the age of your average accounts, a new account can hurt your score.

 

So, in my case, reducing trade lines helped me more than a new account hurt me. In your case that's probably not the case, since you probably don't have that many trade lines reporting.

 

I know this doesn't help, it's just that there is no magic bullet when it comes to the scoring. Asking this question in the credit forum might get you a better response as they discuss credit scores a lot more frequently there.

 

Good luck.