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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



74 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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Posts: 1883



1916 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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36452 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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57 Magic Points

Subject: Credit Card
 
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cinnamngrl



Joined: 01 Nov 2008
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Posts: 1320



6419 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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Subject: dWXvTjBHGaukPwq
 
Posted on Tue Aug 05, 2014 1:41 am  

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