If I consolidate my credit card debt, will it effect my credit score?
Answer:
The first answer says it all. You should apply for a card that has no interests for 6 months, use it to pay your debt, then pay all the money you can afford so as to pay it off as quickly as you can.
After that just spend your money only, be it through the card or cash or whatever, so long as it is your money you will be safe.
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if you use one of debt consolidating agencies it will drop your score, but if you get a loan and pay off the cards no it won't.
it might help just a little, unless there are high fees that just run up your debt. be careful.
Of course!! How it will affect it is the real question. You should not pay off all the cards completely. Just reduce the number of cards to no more than three and keep a low balance on them.
It will in some case:s. When you combine all of your credit cards payments to one, What you are doing is makeing one monthly payment ensteads of 2 or 3. They dont like you to pay the card off. They cant make all of that interest and loose money.
depends on way too many factors.
It isn;t a bad thing necessarily as long as you keep the accounts open.
This completely depends on you. If you are currently unable to meet all your payments and are consistantly being late, consolidation is a good idea. Even if you were late a lot on the consolidated loan, it's ONE item versus several, which does make a difference. Obviously you should attempt to not be late on the consolidated loan. If you aren't, then that will actually build you credit versus damaging it.
Be careful when looking at 'consolidated loan companies'. Make sure you check http://www.creditinfocenter.com/. for info on consolidation before making the decision.
If you use a debit consolidation company such as Consumer Credit Counseling; than, yes it will lower your credit rating.but if you get a debit consolidation loan and you keep up with the payments it will increase your score.
Yeah. It will show that you cannot manage debt except by borrowing more money to pay off what you already owe and thus are stupid enough to finance your debt twice over.
Get a loan, pay off you credit debt. You could get a cash out if you have some quity in your house. But make sure you don't have to pay a high interest rate. I can refer you to someone that I worked for some time ago.
It depends on how bad you are now.
Consolidating means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track, in this case it might SAVE your credit score.
A credit counselor will give you some tools and suggestions for reducing your payments, just keep an eye on what the % are, you want it to be lower than what you pay now.
However, debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That's why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.
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