I recently consolidated a defaulted student loan and need to purchase a new vehicle. Approximately how much of an impact on my credit score will the consolidation have the day after it hits my credit report? I'm just curious if anyone could ballpark the number of points it could jump, with no other factors considered.
What short term effect would the refinancing of a defaulted student loan have on my credit rating?
It depends. Your score may go down for a few months, because you'll have a new loan on the report and passed due debts will still show up on your report. After a few months, it's going improve.
Or it can go up, depending other factors.
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