Does consolidating student loans hurt your credit score
Rental rates, insurance rates, automobile loans, home mortgage loans and even job placement all are subject to your credit report and credit score.
For example: Philip currently has a credit score of 670.More specifically, if you are making your payments on time and in full, part or interest only.This is important to understand regarding consolidation and affects on credit. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Consolidating your debt can lower your monthly payments, but it can also cause a temporary dip in your credit score. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.
In Which, your credit report and credit score will end up being the determining factor in your approval or rejection process.