2006-12-06 08:05:00 · 5 answers · asked by Udaya H 1 in Business & Finance ➔ Credit
It can hurt your score. Instead of having multiple accounts open for a long period of time with lower debt ratios, you will have one new account with a debt usage to available credit ratio that it high. That affects your score not only in one aspect, but in at least three of the areas used to formulate your score. It is better than bankruptcy, but first look at all your options and be aware of scamming debt consolidations companies. Here's a site which can help you if you decide to try and repair your debt your self. If you are scared to go to sites you aren't familiar with, I recommend going to a book store or a library and getting a book about repairing your own debt.
2006-12-06 08:42:48 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
If you are consolidating by paying them through a refinance no. If the consolidation is a result of negotuated payments lower than what you originally agreed to then YES it will affect your scores negatively.
Here is some additional info. Hope this helps.
2006-12-06 08:49:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Contrary to what the credit consolidation companies say, signing up for a debt consolidation/debt management program does negatively affect your credit. While you are in the program, lenders will not approve you for loans, regardless of your credit score.
Granted, it doesn't affect your credit as bad as filing bankruptcy will.
2006-12-06 08:08:44 · answer #3 · answered by jseah114 6 · 0⤊ 0⤋
frequently you consolidate your debt once you're as a lot as the following with it. So it truly is both take that hit or bypass lower than. in case you bypass lower than it really is going to take a more beneficial HIT than in case you receive refinanced and carried on paying and rebuilding your credit. convinced? AND if you're as a lot as the following with debt, the least of your concerns may be your credit because that a credit is in common words sensible to GET YOU INTO DEBT. convinced? RE: Does debt consolidation influence credit historic past and score? i'm questioning about consolidate my expenditures, yet i'm afraid that it is going to be reported on my credit historic past or influence my credit by some skill.
2016-11-24 19:23:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Have you ever considered refinancing your home (if you're a home owner). I work with families and individuals like you and we were able to reduce their total monthly payments by consolidating them under one loan...
Sounds good?
contact me if interested...
... mortgage adviser
2006-12-06 08:18:38 · answer #5 · answered by rmijares 2 · 0⤊ 0⤋