what it will do is pay off a lot of credit and it will show IFFY credit cards as being paid off. . . however any good credit manager will know in 10 seconds that this has happened . . . as long as you pay off the consolidation loan on time and monthly that in itself will show a history of paying OK but it will not hide the fact that you credit was screwy. you see these credit cards being shown as behind are suddenly paid out and BOOM that shows up like a red flag. . . It does help to do this but be honest about your credit when applying because they will know whats going on. . so credit score while being nice is NOT the only factor in your credit being approved in order to buy anything you need a good job you payment must not exceed 1/ 4th of your monthly income. . . your approval of the loan also depends on length of job and length of time at the current address and all these stips must be met as well as having a 700 or better credit score.
Your credit score will be unaffected, but in the future banks will see the consolidation as a flag saying “this person doesn’t manage their debt very well. ” Get your budget in order, the try the next step.
Pay off your bills yourself. Pay minimum on all debts except the smallest one. . . pay it down quick. Then when it is paid off, go after the next smallest, and so on. Everytime you pay off a debt, it (1) makes you feel accomplished, and (2) increases how much you can pay on the next debt.
It shouldn’t affect your score, since you’ll be paying off the old loans with the new one.
what it will do is pay off a lot of credit and it will show IFFY credit cards as being paid off. . . however any good credit manager will know in 10 seconds that this has happened . . . as long as you pay off the consolidation loan on time and monthly that in itself will show a history of paying OK but it will not hide the fact that you credit was screwy. you see these credit cards being shown as behind are suddenly paid out and BOOM that shows up like a red flag. . . It does help to do this but be honest about your credit when applying because they will know whats going on. . so credit score while being nice is NOT the only factor in your credit being approved in order to buy anything you need a good job you payment must not exceed 1/ 4th of your monthly income. . . your approval of the loan also depends on length of job and length of time at the current address and all these stips must be met as well as having a 700 or better credit score.
It helps, because you take care of paying back your debts, and it prevents you of going bankruptcy.
Your credit score will be unaffected, but in the future banks will see the consolidation as a flag saying “this person doesn’t manage their debt very well. ” Get your budget in order, the try the next step.
Pay off your bills yourself. Pay minimum on all debts except the smallest one. . . pay it down quick. Then when it is paid off, go after the next smallest, and so on. Everytime you pay off a debt, it (1) makes you feel accomplished, and (2) increases how much you can pay on the next debt.