Does consolidating student loans affect credit score

22 Mar

Each of the bureaus provides different data, so you really have three different FICO scores -- one using data from each bureau -- that can vary.Why share all this confusing nonsense about credit scores and bureaus?

In fact, if you did, you'd never apply for any kind of credit due to the adverse (and mostly negligible) effect of a hard credit check, and the score would be useless to you anyway.I refer you back to my wild Saturday night where I stumbled across something from the FICO Banking Analytics blog.The people who calculate the most widely used credit score write "I'd like to set the record straight on exactly how student loan debt is factored into the FICO® Score." "A student loan receives no special treatment by the FICO® Score; it is treated like any other installment loan." Oh...The second is that while the FICO score is the most common "credit score," different lenders may use other scores or even have their own models to check credit.Therefore, my advice may not apply to every kind of credit score.