Does debt consolidation hurt your credit score?
Question:
Answer:
If you are careful, it can actually improve your credit score. Read this webpage, it explains how this could work.
Good luck!
yes
Check sections "Credit" and "Consolidation"; it has many info/articles on how to improve your credit score.
http://www.freewebs.com/infosource100...
Not unless you shoe a bad payment record with the new debt. It might even help it in the long run.
The debts themselves hurt your score more than the debt consolidation. Focus on solving the cause of the financial problems. Not enough income, too much spending, medical or divorce issues? One the root of the finanical problem is solved, everything else will eventually clear up. If the root problem isn't solved, everything can happen all over again. Plenty of free financial help is available online, in books or on TV.
If you settle debt (i.e., agree to pay it off for a lesser amount), that will hurt your credit score. But there's no harm in transferring debt around (by paying off your credit cards with a loan, for example). The only negative I can think of in the latter case is the hard inquiry on your credit report that happens whenever you apply for a new line of credit, but that is a relatively tiny blip, and you're probably better off consilidating a lower rate, anyway.
As long as your bills are paid, your credit score will not be hurt.
Consolidation will not hurt your score.
No, I consolidate every four or five years. and I have excellent credit. compare your major credit cards intrest. go with the lowest and have your lender buy out your other debts. You then only have one rate of intrest to pay and one bill to pay
I think it all depends how on do you structure the consolidation process.
I attached two articles in my resource box, you might want to check it out and get some general information about debt consolidation
no it does not hurt it.
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http://www.bestcreditrates.net
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