Will debt consolidation hurt my credit?
Question:
Answer:
YES!
Dont do it. My wife and I did it and when we went to buy a new car it showed up on our credit report. It wasnt as bad as a bankrupcy but it did put a negative hash on it. We were still able to get the new car loan but it really mad me mad at myself for not looking into that first. Should have just paid them off by myself.
No it should not but you might be better off.
My guess is no, and it may help your credit by helping you pay bills on time.
No. I did debt consolidation and it did not hurt my credit at all. It actually helped me pay off my bills faster.
It depends upon the debts you are consolidating. Initially some changes made to some repayments by the consolidation may mean that defaults are raised aginst your name.
The reality is that these would almost certainly come along anyway in the near future without consolidation. In the long run, as long as you stick to your new commitments, your credit record will improve more quickly after consolidation, and you will spend less money to do it making it a more realistic option.
Not at all. You will be able to manage your money better and pay off all debts, in turn raising your credit score (slightly), but it will just take a while for you to see the difference.
No it won't you need to have around 4 to 5 accounts open and use about 50% of what's availible to you for the best scores. I'm a mortgage broker in Michigan. If you live in Mi and own a house I can help you with that cjrogers10@yahoo.com
Yes and no. It depends on if you go through an agency or a bank/credit union. If you go through a place like consumer credit counseling some financial institutions look down on you for that. So when you try to apply for a loan later on down the line they are less likely to give you a loan. But if you take out a personal loan for debt consolidation through a bank or credit union it's not viewed the same way.
Besides most of those consumer credit counseling places are a rip off and they don't pay your debts on time. So now your credit score goes down because of late pays.
More Related Questions & Answers...