consolidate all my loans and credit cards hurts my

consolidate all my loans and credit cards hurts my credit score in the near future?

4 Answers

Soon as you enroll yourself with a consolidation program, it may hurt your credit score but just as you start making the monthly payments, your score will start improving. Debt consolidation is known for assisting you in repaying debts as well as boosting your credit score, unlike settlement. Therefore, you can certainly go for it.


Yes it will damage your score.  Paying anything less than the amount in your card holder agreement or prom note is going to lower your score.   I do not believe Anna has ever seen a credit report with a consolidation plan on it....it tanks the score.  How much it tanks depends on how good or bad your score was PRIOR to the plan.  Once the plan is completed and you start building NEW credit, your score will go up.  Being on a consolidation or consumer credit councelling plan will not help your score improve.

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

You can consolidate all your loans and credit cards into a low single monthly payment. It will make a positive impact on your score. Keep on making timely payments on all the other cards. This will enable you to raise your score gradually. 


If you have been delinquent on your loan payments and credit cards before you had taken steps to consolidate the debts, then it would have a negative affect on your credit scores. However, once you start making the payments as per your repayment plan, your scores will start improving slowly.


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