Home Equity Loan
looking to purchase home very soon, want to consolidate bills by taking a loan out?
if i take a consolidation loan out, what will this do to my credit score, and how will it look to lenders. etc. purchasing home within 3 months and want to have my finances simplified
Public Comments
- Initially, a consolidation may slightly lower your credit score. If your current score is in excess of 700, this should not be an issue. If, on the other hand, you can qualify with your current debt payments, I would not take action until after closing on your puchase. Your lender may be able to close the consolidation and the purchase simultaneously depending upon your down payment and the amount of liquid assets you will have in reserve post closing.
- I consolidated my students loans and everyone wanted to give me all types of loans and credit cards, there must be some good to it
- Hey Debs, Debt consolidation doesn't have to do anything to your credit score, if you do not actually use a company that negotiates with your creditors. If you are not past due on your bills, then don't use them, and instead use companies that just refinance your existing debt. This pays off current debt and replaces your loans with lower interest rates. I was in the same situation myself. So I spent a lot of time doing research. I mean, I wanted the lowest rate. It's one of those things that the more time you spend researching, the lower rate you'll get. Well, the best resource I found was http://www.LendersRated.com/studentloans.htm Hope this helps... Ajafifi
