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htown281

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Student Loan Consolidation
I have two private student loans through wells fargo. One has a balance of $13,605 at 10% interest and $6,598 at 11% interest. I am paying $229 a month on these loans among other loans I have outstanding. Total these loans are $5,403 over the original loan balance or about 27% over leaving my installment accounts at a 127% DTI based on my calculations. I beleive this is hurting my score. I am considering consolidating these loans to get a lower interest rate. While making more affordable payments and a lower interest i will be able to pay down the balance easier. The only thing is although this will help my score in the long run in the short term it will drop my score due to me opening a new loan account and lowering my credit history. I dont plan on applying for any new credit anytime soon (3 to 4 years) so is it a good idea to go ahead and consolidate for easier payments?

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