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FICO for Good Rate/Impact of Student Loan Consolidation


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My scores are EQ 655, TU 641, EX 584. I am awaiting the results of a few disputes to see if my scores increase. Am I anywhere close to getting a prime rate for a mortgage?

Also, I want to consolidate my student loans to reduce my monthly payment from $500 to $200 so I can qualify for a larger mortgage. Will doing so greatly reduce my FICO scores? If so, any guesses to how much? How long before my FICO scores bounce back?

Thanks!

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There are more factors than credit scores to qualifying for a prime rate loan, but you at least have that. Now, if you have a few months worth of house payments as assets, if you have 2 year job history, no collections-judgments, that should about cover it.

Charles

Thanks for coming here to let us help you.

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Student loan consolidaton will usually give a boost to your credit scores. Reason is you will have numerous paid off accounts and only one new one.

It will also help your debt to income ratios when applying for a mortgage. Although the student loan only stretches your payments, the lower payment allows for greater freedom to apply your money to where you want it to go.

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