Consolidating credit card debt affect on credit rating
Debt consolidation won't address the real problems that may sink your credit rating!SEARCH RATES: If you're considering a personal loan for debt consolidation, first check out the rates at Moving the balances of your credit card accounts into an installment loan for purposes of consolidation may cause a slight drop in your credit score.
If you still have questions or need help exploring your options for consolidation, call us at But no matter which option you choose, as long as it’s the right option to fit your needs and financial situation, then the overall impact of debt consolidation on your credit should be positive.The potential underwriting risk that you present to a new lender is measured in conjunction with your credit score and will now have to incorporate that you have the chance to begin adding to your credit card balances again.And the fact that many people do just that is why the action will temporarily cut your rating.The results of our “card comparison and finder tool”, card assessments, and reviews are based on objective quantitative and qualitative analysis of card attributes. Compensation may impact which cards we review and write about and how and where products appear on this site (including, for example, the order in which they appear).While we try to feature as many credit cards offers on our site as we can maintain (1,200 and counting!
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A better option may be to find a reputable non-profit credit counseling company near you that can enroll you in a debt management plan.