Will consolidating my student loans improve my fico scores

Federal student loans can be consolidated through the Federal Direct Consolidation Loan Program.Your credit score is not considered for this program and borrowers that are up to date on their payments are eligible.It is important to make sure that your credit counseling organization makes all payments for you on time.Credit counseling organizations typically make the agreed-upon debt payments for you each month, and so the responsibility is on them to make sure they pay each bill on time.

Your credit utilization ratio is calculated by comparing how much available credit you have and how much you use each month.

This grace period is intended to give people extra time to settle any issues with insurance or to make a payment toward their debt.

Depending on what type of student loans you have, there are various consolidation options available.

Payment history is the most important factor in calculating your credit score—accounting for 35% of your FICOWith a debt consolidation loan, it is important to first know what range your credit score falls into.

For people with a "poor" credit score it may be difficult to get approved for a new loan to use for consolidation.

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