Is consolidating a good thing to do. I want to do it for my bills. But I don't want it to go against my credt. Is it a good thing to do or not?
2006-10-30 10:42:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Depends on how you plan to consolidate. Pay it off with home equity, transfer to one card, get a loan?
If you pay off your cards but do not close the accounts, it will have very little effect-- except maybe make your scores go up if you had mid-to-high utilization before.
If you close your accounts, it can hurt. You want long-term history and you cant get that if you keep closing accounts.
2006-10-30 10:49:13 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It depends on how you do it. For instance, if you go through something like consumer credit counseling, any bank may look at it as though you are currently in a chapter 13 bankruptsy until you have completely consolidated your debt.
2006-10-30 18:51:36 · answer #2 · answered by SMART @SS 3 · 0⤊ 0⤋
Not consolidating by transfering to another credit card, but like if you refinance,and cash out it is OK
2006-10-30 18:50:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends. It could cause your score to go lower if you close the accounts during the consolidation.
2006-10-30 20:25:44 · answer #4 · answered by Mariposa 7 · 0⤊ 1⤋