Consolidating loans credit score

24-Jan-2020 15:11 by 4 Comments

Consolidating loans credit score - Dirty online text chating widout webcam

Now that you know how your student loans can affect your credit score, let’s talk about how refinancing your student loans can impact your score.Many top student loan refinancing lenders don’t do a hard credit pull before showing you offers.

You can get free copies of your report at Annual Credit

It’s important to understand how student loans affect credit scores — and how refinancing plays into that. In fact, your student loans can positively impact your credit score.

Here’s what you need to know about your credit score, student loans, and refinancing. If you make on-time monthly payments, student loans give you the opportunity to show lenders you can use credit responsibly.

If your credit score is preventing you from being approved for refinancing and you’re carrying a balance on your credit card, there’s a simple way to boost your score.

Reduce your credit card debt as much as possible before you reapply for refinancing.

If you also have credit cards, student loans enable you to have a better credit mix — which shows you can effectively manage different types of debt.

Payment history and credit mix make up a combined 45 percent of your credit score.

If you make late payments or go into default, your credit score will take a serious hit.

Just one missed payment can damage your credit score for more than a year, according to Vantage Score.

Auditing your credit report could uncover errors you didn’t know about or past debts that went off to collections.

Even a bill you forgot about from years ago could be showing up on your report.

This will lower your credit utilization ratio and increase your credit score.

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