Is credit card consolidation bad for your credit?
May 6th, 2009
Iris asked:
I currently have good credit, but it’s getting overwhelming. All my money seems to go to my credit card bills and I’m thinking of consolidating my credit cards, but i just want to know if that will ruin my credit?
Will it lower my credit score?
Consolidating your cards may be harder to do then you think- Right now, banks really do not want to take the risk of combining multiple accounts, all on to one lender. What I see happen with people who have consolidated the credit cards, is they leave them open, and then use them. Causing the person to be in even more debt down the road. Depending on the amount you owe, and your financial situation, you may qualify for debt settlement. It is not for everyone- so I would need to talk to you more in detail about it. As far as your credit being affected with consolidation loan, it would depend on the type of loan and terms. Credit bureaus have there own way of grading your credit. SO it is hard to answer that question without knowing more about the whole situation- you can contact me at deawn@ncacreditrepair.com to go over more details!