Does consolidating debt hurt your credit

Banks typically only want to lend to people with a high credit score.An Alternative lender will work with you to help you get back on track; just make sure you choose a reputable lender.We want you to remember that the main goal of debt consolidation is to pay back your debts and to take back control of your personal finances.

Having a variety of different types of credit accounts will help improve your credit score and paying off credit card debt is always a good idea.Fact: Even with an assisted debt management program through credit counseling, your credit score may improve.Debt consolidation usually only hurts your credit score when you don’t do it right or don’t use the right solution – So how and when does that happen?Basically, this happens because there can be a gap between when a payment was supposed to be made on your previous payment schedule and the payments you’re making now.This only happens in the first month of the program.

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