Does consolidating student loans affect credit score

I can't speak for every situation, but I would think those savings are worth whatever impact on your credit score that removing loans from your credit diversity might have.

And consider what you're preserving a credit score for in the first place.

You shouldn't categorically avoid taking any action because it may lower your credit score.

In fact, if you did, you'd never apply for any kind of credit due to the adverse (and mostly negligible) effect of a hard credit check, and the score would be useless to you anyway.

The first is that a student loan deferral or forbearance will not adversely impact your FICO score.

Therefore, my advice may not apply to every kind of credit score.I'll say again that I think you should almost never hesitate to pay down student loans early because it might impact your credit.I certainly won't bat an eyelash when I have that opportunity because I believe a potential impact on my credit score will be outweighed by saved interest and the satisfaction of fully paying off my student loans.While no one knows exactly how these factors affect your score, based purely on this statement from FICO, the total amount of debt is a more important factor.Credit diversity is just one factor and certainly not the most important one.

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