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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

37 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: 1889

1356 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: 1334

35466 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.
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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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faisal
Guest

Subject: nocreditcardebt.com

Sat Jan 08, 2011 2:57 am

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cinnamngrl

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

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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How to PFD, OPT-out, Complain, etc
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megous0000
Guest

Subject: Debt

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
rosema088's page
Posts: 1

11 Magic Points

Subject: www.consumerdebtuk.com

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

Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1455

6339 Magic Points

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.
_________________
CMRRR Templates
How to PFD, OPT-out, Complain, etc
All credit articles at EHOW

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