Multiple student loan accounts

[natevarney]

So when I was going to college I applied and received student loans, the issue is that each semester is listed as a separate loan on my credit report and now they are affecting my credit. Ive never been late or in default but since I have more than 5 installment loans open right now its bringing my score down. Should I consolidate them into 1 loan? I'm afraid I wont get the same low interest rate though. Even though I write 1 monthly check to Sallie Mae for my accounts they report each one to the credit bureaus as different accounts, seems pretty stupid to me. Its also scary to think if I'm late one month on a payment each separate loan will show a late payment on my credit report!!

[chane]

Who told you they are bringing your score down? I highly doubt they are, if anything it's helping your credit by giving you more positive tradelines.

[natevarney]

on my score section it says....

3. Your have too many installment loans
Although having installment loans, such as auto loans, on your credit report can help you build a solid credit history, having too many installment loans can bring your score down because they carry fixed monthly payments. Fixed payments are sometimes viewed by lenders as negative because they may affect your ability to meet other loan obligations.


I currently have 9 open installment loans....on the estimate your score part it says if I reduced my open installment loans down to 1-2 that my score would go from 682 up to 720.

[chane]

Oh ok. Yea, 9 is a lot. I would try to pay off the smaller ones. Or maybe consolidation would be best. I would need to know more about your situation to really give my best opinion.