Does consolidating student loans hurt your credit score

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Student loans can be really good for young consumers’ can have a positive impact on credit scores, if you handle them correctly.

And while you’ll hopefully say goodbye to student loan debt, you may need to qualify for a loan, credit card, or other financial product in the future.You can learn more about when you accept a student loan, you are opening an account with the lender, and they may begin reporting the account at any time.” When it comes to federal student loans, you’re generally expected to start making payments six months after you graduate.Private student loans may require payment right way.FICO, which issues the most popular credit score, treats installment loans differently than revolving debt like credit cards.With revolving credit, balances tend to go up and down over time.If you want to see how your student loans may be impacting your credit, you can get a free copy of your credit reports from each of the major credit bureaus annually.

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