Consolidating student loans credit score

22-Dec-2019 13:04

If you need to boost your credit score, it won’t happen overnight.

Credit scores take into account years of past behavior you can find on your credit report, and not just your present actions.

However, “arguing to get old accounts off your credit report just because they’re paid is a bad idea,” Ulzheimer says.

Good debt — debt that you’ve handled well and paid as agreed — is good for your credit.

The reason this strategy can boost your score: One of the items your score considers is just how many of your cards have balances, Ulzheimer says.

Trying to get rid of old good debt “is like making straight A’s in high school and trying to expunge the record 20 years later,” Ulzheimer says.“A good way to improve your credit score is to eliminate nuisance balances,” says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax.Those are the small balances you have on a number of credit cards.“That way, you’re not polluting your credit report with a lot of balances,” he says.Some people erroneously believe that old debt on their credit report is bad.

Trying to get rid of old good debt “is like making straight A’s in high school and trying to expunge the record 20 years later,” Ulzheimer says.

“A good way to improve your credit score is to eliminate nuisance balances,” says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax.

Those are the small balances you have on a number of credit cards.

“That way, you’re not polluting your credit report with a lot of balances,” he says.

Some people erroneously believe that old debt on their credit report is bad.

The length of that shopping period depends on the credit score used.