Is credit card consolidation bad for your credit?
Mar 26, 2009 in
Credit
Iris
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?
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?
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4 comments
bruce m on March 26, 2009 at 6:57 am
Use them like your supposed to; for payment not loans
Robin C on March 27, 2009 at 3:51 am
The short answer is yes it will drop your credit score.
The better bet is to arrange to move all of your credit card debt to one low interest card. Then CUT up everything else, including the new card. Make no new charges and pay down as much of the credit card debt each month that you can afford. Going forward pay with everything with cash until you are out of debt, and stick to a budget. Then you can use your credit card, only when you can pay the balance off at the end of each month if you want to use a rewards program, or in the event of an emergency. Beyond that you need to only owe on your mortgage, and maybe a car payment if necessary.
micky b on March 28, 2009 at 6:56 am
Hi.
There is a well recommended debt consolidation company at this site:
madhu on March 28, 2009 at 8:31 am
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