Yes sir! although you might want to make sure and wait for someone else to confirm this as I am on the fence. Better yet, why don't you e-mail the Lending Tree guys because they can give you help better...

Do you know if cfsloans reports to credit bureaus and/or pulls hard inquiries? Can consolidation help a person's credit score, like in my situation?.

Thanks for any help..

-Raj..

Im not sure how it effects your score. I wouldnt think it would hurt it in any way. It is helping me because it will decrease my monthly debt ratio as far as a Lending Tree mortgage is concerned. My pymts are going from 300 to about 195, which knocks about $100 off of my monthly debt obligations and lowers my ratio by a quite a bit. In your case, it may not matter, but it will lower your monthly payment and save you some dough every month...

I agree! Pay off the debt with the higher interest rate. You can consolidate your school loans down to about 4.75% (+ OR -)..

Another question, do you have any high interest CC debt? If so, this should be #1 priority then car..

Jus my $0.02..

IMHO - the car is important, if you plan on keeping it for a while. After all, it's now financed in your house...

Unfortunately, I can't offer any input regarding the impact of student loans on your credit scores. I haven't had any personal experience in that area..

But that being said, I have not seen any significant score changes resulting from paying down installment loans. On the other hand, there are nice score bumps that can come from paying down revolving debt..

If you have any credit card accounts, even if they are much smaller than the student loans, they COULD be having a much larger impact on your scores..

If improving your score is the goal, make sure first of all that none of your revolving accounts shows a balance of 50% or more. If there is one or more that does, get them paid to below 50%..

Also, if you have more multiple revolving cc accounts, there is another score bump for only having balances on 5 cc accounts or less..

It has been my experience that the score bumps you could expect from these two points are in the area of 35-40 points..

Now, all that being said, if the only debt you have is exactly what you listed, my input isn't going to be helpful to you at this time. If your only choices are similar loans with differing interest rates, I would concur with the other posters that paying off the higher APR accounts will be the right way to go. Maybe not in the score, but certainly in the wallet..

DemPooches..

Back when I was more obsessive about checking scores every day, I experimented with paying down debt and watching the effect on my scores..

I found that paying down the car Lending Tree loan had no effect on the score whatsoever. Even a lump sum payment of $10,000 did not get me any points. In my case, every time I pay off 1% of my credit card debt, I get one point. If I increase my crecdit card debt by 1%, I will lose one point..

I have no idea how paying off a student Lending Tree loan will affect your score..

My advice is to forget the score and pay off the debts with the highest interest rate...

My understanding is that there is NO credit check and thus no hard inq to consolidate your loans. That's what my lender told me anyway...

Here's my opinion. Pay off the car, and consolidate your student payments. After consolidating your loans, you will have a lower payment, but continue to pay your current payment even after consolidation. After paying off your car you will have $1000.00 left over that you could also apply to your student loans. Also, if you can afford it, take the monthly payment that you are currently paying for your car and add it to your student Lending Tree loan payment. This will help reduce your balances a lot quicker than just making the required payments...