My husband has debt he needs to pay off from before we were married. If he would get a Debt consolidation loan to pay this off, will it affect his credit.. or my credit? I DO NOT want this to ruin my credit.
Thanks!
2007-02-07 00:44:12 · 6 answers · asked by soonerfan0808 2 in Business & Finance ➔ Credit
Absolutely not! There are some financial institutions who specialize in debt consolidation loans. The credit union I work for is actually running a marketing campaign to focus on debt consolidation loans. Any loan that you get, and pay on faithfully, will not do any damage to your credit. That's the whole point to getting a better credit rating!
Most consolidation loans are also unsecured debt (as in they are not secured with any collateral, like a car) so your interest rate might be higher. But I looked into getting one myself a very short while ago to pay off a credit card; instead I used a paid-off vehicle as collateral to get a secured loan to pay it off (which is also something you can look into.)
2007-02-07 03:50:01 · answer #1 · answered by Krista B 6 · 0⤊ 0⤋
It shouldn't affect your credit standing at all. In fact,paying off those debts are a good thing and may even raise your credit score. Just so you know when you got married his credit became your credit and vice versa. It isn't fair but that is the way it is.
2007-02-07 00:50:09 · answer #2 · answered by ? 5 · 1⤊ 0⤋
I did debt consolidation and it actually improved my credit.
2007-02-07 00:52:29 · answer #3 · answered by Sunidaze 7 · 0⤊ 0⤋
DO NOT DO IT!!!!! I use to work for one in NJ for 7 years!!! It will screw up his credit!!! If i were you have him call his credit card compaines up and get him to lower his intrest rate himself! The debt companies will be on your credit reports and they are a ***** to get off! So please take my advice - don't do it, it might take longer to pay off doing it by him self but it is so worth it in the end, plus it will rasie his credit score if he does it by him self!
2007-02-07 00:51:27 · answer #4 · answered by ~~*SexyCat*~~ 1 · 0⤊ 0⤋
Sorry I misread your question last time, I thought you meant an IVA. If he gets a loan, then it shouldnt matter what its for. Dont even tell them its for debt cosolidation, tell them its for a car or something!
2007-02-07 00:49:14 · answer #5 · answered by OriginalBubble 6 · 0⤊ 2⤋
Interesting thread!
2016-08-23 17:19:53 · answer #6 · answered by ? 4 · 0⤊ 0⤋