Does consolidating student loans hurt your credit score

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An unsecured personal loan can be a great tool to consolidate your debts and get a fixed monthly payment at a lower rate.

[tags: Student Loan Issues, College, Education] - ...Almost all lenders will require you to be 18 or older and a legal U. resident, with a verifiable bank account and not in bankruptcy or foreclosure. Some lenders have no minimum credit score requirements, but that does not mean they don’t check your credit report. You may have seen lenders that offer loans with no credit check at all, but they will charge interest rates of 300% or more, as will a payday lender.Only a few lenders will approve a loan for borrowers with poor credit scores.Many student lenders report multiple credit accounts even if you have multiple loans through one lender to finance one education degree – since loans are applied for and disbursed on an enrollment-period basis.So your credit report will show multiple student loans with the same creditor broken down into each loan’s respective payments.

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