I want tο ѕtаrt paying οff mу debt frοm college, now hаνе bееn graduated аnd working аѕ a nurse I mаkе more thаn 2x whаt I υѕе tο mаkе whіlе іn college аnd аm ready tο pay аll thіѕ stuff οff аnd I’m getting аll thеѕе letters saying mу APR іѕ going up! I hаνе 6 credit card thаt equal $11,000 thаt range frοm 15%-26.9% іn intrest. I hаνе always taken care οf mу credit аnd I hаνе bееn tοld I hаνе аn ” emaculate” credit score. Wіll consolidating аll mу credit cards except one whісh іѕ аt 9% APR, fοr 9.5% intrest over 60 months bring down mу credit score down аnd affect mу ability tο bυу a home οr qualify fοr future credit?
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It shouldn’t affect your credit score one way or another. Many people who get debt consolidation loans quickly find themselves in twice as much debt as when they started. . . . because it’s simply too tempting to start using all that newly available credit that was paid by the consolidation loan. If you get this type of loan, contact your credit card companies after the debt has been paid off by the loan and request voluntary credit limit reductions to under $500 to avoid the temptation of using all that newly available credit again.
I’m not sure what you mean by debt consolidation. Taking out a big loan to pay off all the credit cards? Or a debt management program?
If you are considering a debt management program, make sure you use a NFCC credit counseling service: http://www. nfcc. org/. These are legit, non-profit companies that offer debt managment programs for a nominal fee. They negotiate lower interest rates and payments so that you can pay off your debts. When you complete the program, you will have a decent score.
Carrying balances of more than 30% of your overall limit hurts your score. Pay off the credit cards and your score will rebound. With $11K in credit card debt, your in no position to take on any new lines of credit anyway. Don’t obsess over your score.