Welcome Guest ( Log In | Register )

Important Announcement:
  • Creditboards is now accepting applications for our moderating team.
  • Our Military Forum is open for our members of the military and their unique challenges.
  • Thinking about Credit Counseling/Debt Management Plan? Check out our new forum.
  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.
  • AOL users: In order to post you will need to use Internet Explorer 6.0 (or higher) or Firefox 2.0 (or higher). You cannot utilize all features of this board using the AOL browser.
 
 Reply to this topicStart new topic
> I have a whole slew of Student loans...
Apex_predetor
post Jun 19 2009, 10:56 AM
Post #1


Group: Members
Posts: 306
Joined: 29-January 09
Member No.: 89,744
My question is how my credit rating will be effected after I consolidate my gov. student loans?

I have a whole bunch of federal student loans that are in deferment right now, but my consolidation is set to be complete right after the deferment date is up. If I close all those small SL accounts and put them into one larger one; how will it effect my credit from closing like 15 accounts??

THanks
 
    +  Quote Post  Go to the top of the page
Googie
post Jun 19 2009, 10:56 AM
Post #
The MoneyMaker

Group: Accounting
Posts: One in Every Topic
Joined: 1-February 03
From: Mountain Home, CA Member No.: 1


 
      Quote Post  Go to the top of the page
Saria
post Jun 19 2009, 11:13 AM
Post #2


Group: Members
Posts: 699
Joined: 25-April 05
From: Georgia
Member No.: 16,300
I wouldn't expect to see much of an effect at all.


IPB
 
    +  Quote Post  Go to the top of the page
wideeye
post Jun 21 2009, 08:38 PM
Post #3


Group: Members
Posts: 62
Joined: 24-July 05
Member No.: 20,097
Your score WILL improve if all of your other finances are good and as long as your payments are on time.
I consolidated nearly 5 years ago on the graduated plan & my score was great.
Student loans with good payment history - are looked upon as favorable debt, since they cancel on death or disability(they do not claim on an estate).
Keep in mind though, that monthly payments are included in with the rest of your debt load.
I own a home, several cars, etc. & am very blessed in this current economy. My mtg rate is at 3.25% & FICO was in the mid 700s
Only when some Sallie Mae lender came out of the woodwork last year & not only claimed my legitimate student loan lender transferred a loan to them (totally false - I only had one lender) but tried to garnish my wages despite a letter from my legitimate student lender stating they were servicing that same loan and it was now in consolidation with 20 others! - only then did my credit get bashed. Even so, I reconsolidated & now it's just a matter of the CRA's catching up with everything.
Consolidation will also help you keep track of your loans & may prevent some wacko scam company like SLM from claiming ownership
down the road which would really mess your credit up!

This post has been edited by wideeye: Jun 21 2009, 08:44 PM
 
    +  Quote Post  Go to the top of the page
1 User(s) are reading this topic (1 Guests and 0 Anonymous Users)
0 Members:
 

Reply to this topicStart new topic

 

Powered By IP.Board © 2009  IPS, Inc.
Skin by: Dragonfly © all rights reserved.
© Copyright 2003 - 2008 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.
Lo-Fi Version Time is now: 21st November 2009 - 10:14 AM