Will consolidating my student loans improve my fico scores
If you’re not sure how consolidating your credit card debt will affect your score, take a look at the details below – the Nerds will tell you everything you need to know!
However, simply because private and federal loans can be consolidated, does not mean that they should be in all situations.
Consolidating is often the smartest move, but in some situations, it could be more savvy to keep federal loans separated from private loans.
That being said, if multiple loans are held from the same sector, it is almost always beneficial to consolidate within the loan category (i.e., consolidating all private loans into a single loan, consolidating all federal loan debts into a single loan).
However, be certain both parties understand the potential consequences of having a cosigned loan.
Above all else, understand one of the largest pieces of the credit score pie is payment history.