If your that far in debt that you need a consolation loan, then
the damage to your score is already done. Forget your score, concentrate on paying off the debt.
It’s fine to do. One pays off the other and you save money. If it’s a consolidation loan to pay a bunch of credit cards, close the ones you don’t need and don’t charge them up again. Too many cards, whether you owe on them or not isn’t the best thing to see on a credit report.
I think no
I dunno. But I just consolidated my student loans, so I hope not.
If your that far in debt that you need a consolation loan, then
the damage to your score is already done. Forget your score, concentrate on paying off the debt.
no. In time if you pay it on time; it could improve your credit score.
It’s fine to do. One pays off the other and you save money. If it’s a consolidation loan to pay a bunch of credit cards, close the ones you don’t need and don’t charge them up again. Too many cards, whether you owe on them or not isn’t the best thing to see on a credit report.