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does debt consolidation loan effect credit score?

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carrieonup

Joined: 07 May 2008
carrieonup's page
Posts: 1

32 Magic Points

Subject: does debt consolidation loan effect credit score?

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

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 661

755 Magic Points

Subject: debt

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

Joined: 21 Jun 2007
Laura's page
Posts: 1409

34090 Magic Points

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.
_________________
Regards,
Laura.

Sunda

Joined: 02 Jun 2008
Sunda's page
Posts: 1

57 Magic Points

Subject: Credit Card

Mon Jun 02, 2008 9:37 am

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sunda
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