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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » I defaulted on student loans and decided to on consolidation. Does this help or harm my credit?

I defaulted on student loans and decided to on consolidation. Does this help or harm my credit?

I finished school in 2006. This year they took my tax return money, I am trying now to repair my credit and I can’t get a straight answer. Does student loan consolidation help or harm your credit? If it helps how long does it usually take?

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2 Responses to "I defaulted on student loans and decided to on consolidation. Does this help or harm my credit?"

  1. Mo says:
    Consolidation doesn’t help the harm that has already been done.

    When did your repayment begin? How many late payments did you have? Were they Federal loans, or Sallie Mae loans, or private?

    I’m guessing that if they took your tax return that you got pretty far behind…right?

  2. Thunder says:
    The harm has been made and will take years to fix depending on the default. Student consolidation can work if you asked them to update your credit history after all you reached an agreement that you will pay.

    Other than that there are ways to improve your credit score. by having only one credit card using up to 30% of its limit. and get rid of whatever other cards you have.

    If you are denied credit cards then look for a secured one

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