does a consolidation loan affect credit score

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  • Does debt consolidation affect your credit score?

  • Debt consolidation could be a fit if you have trouble paying your bills, are not comfortable with your current amount of debt or are unsatisfied with the interest rates ( APRs) on your existing credit cards or loans. However, it鈥檚 also important to be aware of how debt consolidation could cause changes to your credit score.

  • Can a personal loan be used for debt consolidation?

  • With a personal loan used for debt consolidation, you take out a new loan from a bank, credit union or another lender to pay off higher-interest debts, such as credit card debts or other bills. Balance transfer credit card.

  • What is debt consolidation and how does it work?

  • Debt consolidation combines your credit cards bills into one manageable, lower-interest pile, with one monthly payment. There are many debt consolidation options; some have a bigger impact on credit than others.

  • Can I consolidate my student loans with a lower interest rate?

  • If you have a good credit score, you may be able to consolidate your existing student debt into a new loan with a lower interest rate. By rolling your public loans into this new account you would pay the same lower interest rate across all of your student debt.

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