Bad Credit Agency

does consolidating student loans look bad on your credit report, or affect your credit score?

Also- what impact does having a savings or money market account have on your credit score, if any does it matter how long the account has existed.

Public Comments

1. It only affects credit report IF you default. It will probably show where the new company paid off the old companies. It should have no effect on savings accounts. The credit report will show you have an open student loan and whether it's in repayment, deferment or default
2. According to Sallie Mae's consolidation site: "Student loan consolidation allows you to bundle all of your eligible federal student loans into a single new loan with one lower monthly payment based on a fixed interest rate. This in turn could reduce your debt-to-income ratio that is used to calculate credit scores." http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/fedcon_faq.htm They also have some really good info on maintaining a good credit rating: http://www.salliemae.com/before_college/planning-wisely/debtsmart/repayment/maintain_rating.htm
3. I just found this http://wiz.sc/studentloans article it should answer your question it has some good information on student loans.