Student Loan Consolidation: Better For My Score?

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4 posts
Okie21
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Student Loan Consolidation: Better For My Score?

Postby Okie21 » Mon Jul 23, 2012 10:46 pm

I am a recent graduate and have 18k in student loans. At several different points in my four years, I took out student loans. I never really thought about this until the other day, but they show up as 6 different loans on my credit report.

The other day I was instantly denied for an Amex BCE, and one of the reasons cited was my "loan balances to loan amounts too high". I thought, geez give me a break it was A STUDENT LOAN. But after thinking about it, it looks like 6 student loans.

My question is would it look better to the credit bureaus if i consolidated them all? Also, are there ANY negative implications of consolidating loans like these?


Okie21
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Postby Okie21 » Tue Jul 24, 2012 6:35 pm

I should have clarified, that i'm not as much concerned with it affecting my score itself. I'm more concerned whether or not it would "look better" to prospective lenders if i had one loan with a large outstanding balance, than what i have currently, which is 6 loans, all with equally proportional outstanding balances.

Thoughts?

Okie21
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Posts: 36
Joined: Thu Feb 09, 2012 8:29 pm
Location: OKC, OK

Postby Okie21 » Thu Jul 26, 2012 6:02 pm

Somebody has to have some advice/input on this. I would appreciate it, and thanks in advance!

LadyinRed
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Postby LadyinRed » Thu Jul 26, 2012 8:02 pm

I'm not an expert or anything, but I have student loans as well that I decided not to consolidate. I did this because the interest rate would have gone up on my 2% interest loans and I would have paid more for it in the long run. I feel as though banks SHOULD know that people can have many student loans and lots of people should have a similar situation. I personally haven't been denied anything because of my loans. Again, I'm no expert, but I feel like having more accounts that you are constantly paying on time would look better than one giant one. Just my 2 cents.
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Capital One: Venture (2 points per $1, equivalent to 2%)
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