Does consolidating student loans hurt your credit score

Are you thinking about buying your first house or maybe you are seeking to get a loan to start your own business.

Which is one reason we want to discuss consolidation and affects on credit.

NO, all installment loans are calculated and regarded in the same way on your FICO score, therefore the type of student loan you have does not have an impact on how the loan is evaluated.

Student loans do not have their own their own credit category system. Getting more student loans is not ideally bad for your credit score but doing can have a negative impact on your credit report.

More specifically, if you are making your payments on time and in full, part or interest only.

This is important to understand regarding consolidation and affects on credit.

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When this ratio is calculated to be to high, stating that there is too much debt in relation to your income, chances are you will be turned down for your mortgage loan application.

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