2007-11-15 20:59:33 · 4 answers · asked by gp 1 in Business & Finance ➔ Personal Finance
Well, they will record the fact that you have another loan ..
.. but (generally) "No", only if you miss payments (or they have to write off part or all of the debt).
2007-11-15 21:29:01 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Yes !
I consolidated my debt and after making on time pmts on my new loan, my credit score jumped up a good number of points.
If you payoff a home mortgage and car debts it will up your score quite a bit. In my case, I had been paying all my debts on time for over a year and after the debt consolidation my score jumped up 28 points.
2007-11-16 02:14:36 · answer #2 · answered by This, That & such 5 · 0⤊ 0⤋
Yes, the fact that you consolidated in affect saying I am no longer able to manage by credit cards and want to have my debt consolidated with one easy payment. Its not as bad as defaulting, late payments or bankruptcy but it will affect your FICO Score.
2007-11-16 05:52:18 · answer #3 · answered by 333 1 · 0⤊ 0⤋
no, u r still paying
2007-11-15 21:07:09 · answer #4 · answered by Ayo A 5 · 0⤊ 0⤋