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Yes, but how it affects it depends ... if he consolidates and keeps on top of his finances from that point forward, it will help. If he consolidates and things get further out of hand it will hurt it if he cannot stay current with his bills.
Credit card companies tend to have the worst affecton your credit - as soon as you miss a payment, they report it and your credit rating goes down.
Answer:
Debt consolidation itself does not dramatically affect your credit score. However, the main issue with debt consolidation is that over 70% of consumers who consolidate their debts grow it back to the same level or higher according to(http://www.bankrate.com).
1. When you consolidate your debts, you are not learning how to manage your money better, you are performing a quick fixes, and quick fixes breakdown as fast as you put them together
2. You must take the necessary steps to learn how to manage your money by putting together a realistic budget
3. Create a simple to execute and even simpler to manage debt elimination plan
4. Make permanent decisions to change your spending patterns to spend cash for your purchases
Hope that helps
Ahmad Davis
http://www.victory-by-design.com
Wiki User
∙ 12y ago
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Does your low credit score affect your new husbands credit?
No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.
How do loans and debt consolidation affect credit score?
If you pay your bills on time and in full each month it will help your credit score rise. If you are late on payments and have outstanding payments then your credit score will become lower. Your credit score is an important thing to help you obtain loans such as car loans or a mortgage.
Are consolidation loans hard to get with a credit score of 660?
Yes!
Does debit consolidation hurt your credit?
{| |- | There is a chance that using debt consolidation services might affect your credit. Some debt management programs, like credit counseling, show up on your credit report. Some solutions, like debt settlement, don't show up on your credit report, but by definition cause late payments. Most debt consolidation services are there to help you get out of debt, not to sustain your credit report or credit score, so you should priorotize what you really want in seeking debt consolidation help. |}
Will school loan consolidation have any negative impact on a credit score?
Student Loan Consolidation does not appear to have a negative impact on a credit score provide you keep up with regular and on time payments, and take care of the loans as quickly as you can.
Does your low credit score affect your new husbands credit?
No, your low credit score should not affect your husband's credit score, unless the lender/bank uses both your information for the loan. Credit score is based on each individual's information.
Does credit card consolidation show up on my credit report?
Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.
How does consolidation of debt affect the credit score?
If you are asking about a program, than no, it shouldn't affect your credit score. Visit her for more details: http://www.myfico.com./. Speak with your banking representative to be sure though.
Will my credit score affect my debt relief options?
Your credit score will not affect available debt relief plans so long as you go through a non-profit credit consolidation agency. There are many scams out there, so non-profit is the only way to go.
Where can I get debt consolidation?
You can get credit score advice and debt consolidation information from your banker. They can order a credit bureau score for you and tell you what your score is, how to clean up your credit and perhaps lend you funds to consolidate and pay down the debt faster.
How do loans and debt consolidation affect credit score?
If you pay your bills on time and in full each month it will help your credit score rise. If you are late on payments and have outstanding payments then your credit score will become lower. Your credit score is an important thing to help you obtain loans such as car loans or a mortgage.
Is credit consolidation a scam?
No, not at all. My reviews were same till I have to use it for my credit card consolidation. The best way is to consult a debt consolidation company to consolidate your debts because they know your creditors and so that would not be shown on your credit report which in result will not affect your credit score I also did the same time before getting consolidated for credit card.
Are consolidation loans hard to get with a credit score of 660?
Yes!
Does debit consolidation hurt your credit?
{| |- | There is a chance that using debt consolidation services might affect your credit. Some debt management programs, like credit counseling, show up on your credit report. Some solutions, like debt settlement, don't show up on your credit report, but by definition cause late payments. Most debt consolidation services are there to help you get out of debt, not to sustain your credit report or credit score, so you should priorotize what you really want in seeking debt consolidation help. |}
can someone give me credit score advice on consolidation debt?
There are many places online where you can get advice on consolidation debt. For more information, see loans.denturesky.com/where-can-i-get-financial-consultation-or-adv. Also you can order your credit score from equifax.com.
Will school loan consolidation have any negative impact on a credit score?
Student Loan Consolidation does not appear to have a negative impact on a credit score provide you keep up with regular and on time payments, and take care of the loans as quickly as you can.
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.
