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We want to maximize your credit rating as you are planning to buy a home in the next year - Is it smart to consolidate 2 auto loans and Credit Card Debt into 1 personal loan?
Wiki User
∙ 15y ago
No, that is a bad idea for several reasons.
# The type of account is responsible for 10% of the credit scoring formulas. Credit bureaus like to see a mix of accounts, especially secured installment loans such as car loans. # Mortgage lenders like to see an established positive payment history on car loans, which are an excellent predictor of a person's commitment to making on-time mortgage payments. # The personal loan would likely have a higher interest rate than the car loans, and possibly higher than what you could get on your credit card if you just ask.
To maximize your credit rating, you should continue making your on-time car loan payments while aggressively paying down any credit card balances. Getting those credit card balances below 10% of your credit limits will help you increase your credit score the most.
Wiki User
∙ 15y ago
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How can one consolidate credit card debt?
One can consolidate credit card debts by rolling them into one lower interest credit card. Many companies offer this service such as such as 'Credit Guard' offer this service.
How can someone get help with the consolidation of their personal loans?
You can get help with the consolidation of your personal loans by first, getting your credit report and FICO score. If your credit score reveals that you actually score quite well and have a reasonable credit rating, you may easily be able to consolidate loans at a lower rate, especially if your credit has improved since you got the loans.
Is consolidate credit cards good or bad?
"For lots of people, consolidate credit cards are a good idea, but on the other hand, they don't work as great for some people. I suggest asking the company the advantages and disadvantages."
How can one consolidate credit card bills?
To consolidate credit card debt, you replace the debt on one or more existing accounts with one new loan or credit card—ideally, at an interest rate that saves you money overall. The result should make paying off your debt easier affordabledebtconsolidation.
What is minimum debt due to be able to consolidate credit card debt?
don't consolidate, pay the debt off. To answer your question, it depennds on the company giving you the loan?
Should I consolidate my high interest credit cards into a personal loan from my credit union?
A personal loan can be used to consolidate debt and repay multiple debts such as balance transfer credit cards to find the best option for you. It can also be expensive especially if some of your debts have a high interest rate. Personal loans can come from banks, credit unions or online lenders. affordabledebtconsolidation.
Can I get a loan to cover my credit card debts with low payments?
You can try getting a personal loan through Citi Finacial to consolidate.
How can one consolidate credit card debt?
One can consolidate credit card debts by rolling them into one lower interest credit card. Many companies offer this service such as such as 'Credit Guard' offer this service.
How can someone get help with the consolidation of their personal loans?
You can get help with the consolidation of your personal loans by first, getting your credit report and FICO score. If your credit score reveals that you actually score quite well and have a reasonable credit rating, you may easily be able to consolidate loans at a lower rate, especially if your credit has improved since you got the loans.
Is consolidate credit cards good or bad?
"For lots of people, consolidate credit cards are a good idea, but on the other hand, they don't work as great for some people. I suggest asking the company the advantages and disadvantages."
How can one consolidate credit card bills?
To consolidate credit card debt, you replace the debt on one or more existing accounts with one new loan or credit card—ideally, at an interest rate that saves you money overall. The result should make paying off your debt easier affordabledebtconsolidation.
You have high credit card debt what should you do?
You could consolidate at a lower rate.
What is minimum debt due to be able to consolidate credit card debt?
don't consolidate, pay the debt off. To answer your question, it depennds on the company giving you the loan?
How do I consolidate my debt to improve my credit score?
The best way to consolidate your debt is to go to your bank and speak with their consultant. They usually have a department to help you with reducing your debt.
How does one consolidate their debt?
Debt can be consolidated using more than one method, but ultimately it always involves moving existing debt from one creditor or account to another. You can consolidate multiple debts onto a new or existing credit card by using a balance transfer. You could also open or use an existing line of personal credit, or a home equity line of credit. You can also consolidate multiple student loans into a single loan. You would need to speak with your existing lender(s) about using existing credit lines or opening a new one, or you could seek out other possible lenders who may offer you a good deal on a balance transfer or line of credit.
How much credit card debt do you need to consolidate your bills?
$5,000 The correct answer is $3,000
Is it possible to consolidate all credit cards and make one monthly payment?
Here is a site that can answer this www.shieldcredit.com/ . Yes it is possibly to consolidate your credit cards into one easy payment , and many people find this easier then a lot of different payments.
