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A poor credit score could make refinancing your student loans difficult, or you may only qualify for a new loan with subpar terms. A credit score of 650 or higher is optimal for most lenders who ...
Private student loan lenders prefer borrowers with excellent credit, a long credit history, stable income and a low debt-to-income ratio. If your credit score is below 680, Tate Law says you may ...
Bankrate’s take:Debt consolidation loanscan be used for consolidating credit card debt, medical debt and student loan debt. 4. Peer-to-peer loan. Peer-to-peer (P2P) lending platforms pair ...
The reckless-credit provisions do not apply to a number of credit agreements, including a school loan; a student loan; and; an emergency loan. A student loan, for example, could be granted to an unemployed consumer, who might not have a credit record (so that the credit provider does not know his payment history).
You have high-interest private student loan debt. Your new loan (whether federal or private) carries a much lower APR than your current student loan debt. See related: How to consolidate student loans
Debt consolidation takes place when you move two or more of your existing debts into one new debt, typically with the help of a product like a debt consolidation loan or a balance transfer credit ...
Your credit score: One goal of debt consolidation is to reduce the interest rate on your debt. The idea here is to pay a lower interest rate on a consolidation loan or balance transfer credit card ...
A debt consolidation loan can provide a lower interest rate than most credit cards. According to Bankrate data , the average personal loan currently has an interest rate of around 12 percent.