Consolidate debts?

I want to build my credit and want to do so well. Presently, I have a student loan and a credit card debt. My credit score is 659. I use the credit card once a month to buy gas and then I pay it right off. Will I be able to consolidate or settle both these debts and pay them off?

2 Answers

If you pay off your credit card each month, why would you want to consolidate it? Continue making your payments on time and be sure that your account balances remain low. That's about all you can do to increase your credit score at this time. Settlement would definitely be detrimental to your score. And, if your student loans are government loans, they can not be settled.

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You do not want to consolidate your student loan with other consumer debt.  You will lose the interest deduction and other deferment/forebearance/cancellation priveleges if this is a federal loan.  If this is federal, you will not be able to get an interest rate as low as you have right now. If you want to keep your credit score, settling is not the way to go...it will tank your scores.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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