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does debt consolidation loan effect credit score?

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carrieonup



Joined: 07 May 2008
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Posts: 1



37 Magic Points

Subject: does debt consolidation loan effect credit score?
 
Posted on Wed May 07, 2008 8:04 pm  

I have 5 different loans out. well 2 bank loans, 2 credit cards and 1 to a family member. I am thinking about doing a debt consolidation loan just so I am not constantly worrying about paying them all every month. I would much rather pay 1 single bill. I'm not having trouble paying them yet and my interest rates are not to bad yet. my biggest credit card is at 0% interest until october then it goes up to 24% or something crazy like that. what I really am asking is --- will a debt consolidation loan hurt my good credit?
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1356 Magic Points

Subject: debt
 
Posted on Thu May 08, 2008 12:48 am  

i don't think it would hurt it ( but, I don't know for sure). Usually if you get a Debt Consolidation loan, you combine all of your debts together and make ONE payment to a company. This would mean you paid everything off, through your loan. Now..if it's one of those things where the company 'slashes' the % on CC's ( like Consolidating your debts..NOT a 'loan thing') I would think it would be on your credit as a 'negative'. I DO know Debt Settlement will bring your score down.
Laura

Laura

Joined: 21 Jun 2007
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35466 Magic Points

 
Posted on Thu May 08, 2008 6:30 am  

I dont think that it would adversely affect your credit score. Debt consolidation loan will only help you to consolidate your multiple debts into a single account.
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Sunda



Joined: 02 Jun 2008
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Posts: 1



57 Magic Points

Subject: Credit Card
 
Posted on Mon Jun 02, 2008 9:37 am  

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faisal
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Subject: nocreditcardebt.com
 
Posted on Sat Jan 08, 2011 2:57 am  

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cinnamngrl

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455



6339 Magic Points

 
Posted on Sat Jan 08, 2011 2:13 pm  

do you have all your credit reports?
what state are you in?
what is the original creditor and the name of the CA?
what is the date of first delinquency? 30 days after last payment
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megous0000
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Subject: Debt
 
Posted on Sat Jan 08, 2011 2:51 pm  

This is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called limit .
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rosema088



Joined: 17 Jan 2011
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Posts: 1



11 Magic Points

Subject: www.consumerdebtuk.com
 
Posted on Mon Jan 17, 2011 2:36 pm  

I saw your article. its very nice. so i like your website......
So i wanted to some informations about the credit cards to our peoples from your website.......
The Scientific Technology is high level Improvement......
Once upon a time peoples are walk and walk to get a money........
But this Scientific century goes to many improvement to our peoples.........
rosema088
www.consumerdebtuk.com
cinnamngrl

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455



6339 Magic Points

 
Posted on Mon Jan 17, 2011 3:40 pm  

debt consolidation can be a nonprofit program where the interest and sometimes principle is reduced. this is marked on the relevant accounts on your report.

But if you get a separate loan that pays off all the debt than that shouldn't hurt your credit.
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