Consolidating debt hurt credit score


31-May-2019 12:57

There are a few ways you can do this, including a balance transfer, a debt consolidation loan, a personal loan or a peer-to-peer loan.You can learn more about your options in the guide below and decide which one is right for you.One of the advantages of this debt relief program is that you don’t need perfect credit.In fact your credit score doesn’t matter at all, everyone is accepted.If you’ve fallen behind and have been making late payments on your credit cards, consolidating them to one monthly payment could raise your credit score as your payment history improves.On the other hand, taking on a new loan, in general, could cause a short-term drop in your credit score because of the hard inquiry.So, if you have bad credit what are your options for consolidating your debt? Transactions are not always black and white, relationships play a big part in a credit union.If you have been with the same credit union for a long time the likelihood of getting approved for a debt consolidation loan with poor credit is increased.

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You should know all of your options before doing anything.

However, these loans will require good credit history, usually at least a 660 FICO score or higher is required.