Will my credit score increase after my student loans are shown to be consolidated?

Question

I just consolidated $93,000 in student loans. On my credit report it shows like 8 years of individual loans.

Credit score is fine at over 700. All payments are and have been made on time. I know the total debt has not changed, but after the consolidation around 60 accounts will turn into one. Was just wondering if this would reflect as a positive (or a negative) on my report.

Now allow me to address this question from an answer I recieved, "Why do so many people think there are shortcuts to improve that history?"

First, I have to say thank you so very much for the condescending tone of your question. I will strive with all my being to repay you in sarcasm.

I, at no time, mentioned or inquired about a "shortcut". I am not a financial wizard (sarcasm alert!!!), as I'm sure you are. I have recently become more interested in how scores are calculated and maintained, (sarcasm alert!!!) but I'm sure you extrapolated this too from my original question. I'm just having fun picking on you. Nothing personal. Thanks for your time answering my question.

Answer 1

the only thing that matters is whether you pay your minimum amount due on the consolidated loan ON TIME. if you paid the non consolidated loans late, that will still stay on your credit report for a while.

it also looks better if you payer higher than minimum payments, but it does not really help you since school loans are generally very low interest loans.

Answer 2

Your total debt has not changed, why should your score change? Make all your payments on time and you should be fine. Credit scores are designed to show a history of responsible use of credit. Why do so many people think there are shortcuts to improve that history?

Answer 3

antisocial money owed that still have a stability are the most devastating on your credit. they are going to stay categorised as "delinquency tradelines". in case you'll get them reporting as a nil stability, then your score will develop. each and each month that passes and places that account in the back of you, your score receives extra useful. and after 7 years, it is going to likely be lengthy gone altogether. in case you DONT pay it off, the delinquency commerce will be on there for the time it takes you to payoff the account, and upload 7 years to the date its paid off. initiate the clock earlier to later. so, sure, i'd say that consolidating them will be powerful to elevating your score. also, you'll likely be able to get a decrease charge for your self by consolidating them mutually.

Answer 4

hi