Consolidating credit card debt affect credit score

The Credit Card Shuffle" data-reactid="19"The Credit Card Shuffle Pocket Your Dollars: 5 Attitude Changes That Will Help You Pay Down Debt, and her husband paid off some ,000 in debt, and taking advantage of low-rate balance transfers was one of the strategies they used to dig out.However, if you decide to go this route it is important to be very disciplined in your approach.(Tip: Triple check to make sure you are dealing with a reputable site if you are shopping for a loan online.Scams abound.)Effect on Your Credit: Consolidating credit cards with high balances using an installment loan — a loan with fixed monthly payments — may actually benefit your credit rating, especially if you use the loan to pay off credit cards that are near their limits.Otherwise, you may fall into traps such as getting stuck with a balance at a high interest rate after the introductory period ends." data-reactid="20"Transferring a high-rate credit card balance to a card at a lower rate can be another way to consolidate.Carrie Rocha, author of Pocket Your Dollars: 5 Attitude Changes That Will Help You Pay Down Debt, and her husband paid off some ,000 in debt, and taking advantage of low-rate balance transfers was one of the strategies they used to dig out.Still, these programs are available regardless of credit scores, so if you are having trouble consolidating due to the fact that you are maxxed out on one or more of your credit cards, a DMP may be worth considering." data-reactid="17"Though often confused with debt consolidation, a debt management plan (DMP) is somewhat different.Still, these programs are available regardless of credit scores, so if you are having trouble consolidating due to the fact that you are maxxed out on one or more of your credit cards, a DMP may be worth considering.

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Together, they cited information from 17 references.

Effect on Your Credit: You will be required to close most, if not all, of your credit card accounts while on a DMP and that will affect your credit scores.

On the other hand, FICO ignores any notation that you are paying your debt through a counseling program when calculating your scores.

So it will affect your credit, but it may not be as bad as you fear." data-reactid="18"You will be required to close most, if not all, of your credit card accounts while on a DMP and that will affect your credit scores.

So it will affect your credit, but it may not be as bad as you fear.

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