Home Equity Loan
Debt Consolidation?
What effect will it have if I get a debt consolidation loan. I am not in any financial trouble but I am tired of just paying multiple collectors each month. Will this have any effect on my credit score or cause any problem in the future when I try to purchase a home. I have hear that it can cause problems like that and can make it difficult to get a home loan.....Does anyone have any personal experiences with doing this??
Public Comments
- hi ya. me and my partner are in so much debt.. he consolidated all his debts into one credit card, loan, overdraft, he was paying nearly £300 month for this.. he spoke to a company to consolidate and now he is paying £80 month the answer is yes if you go through a company like this it will screw you up.. to be honest... he is stuck with this for 10 years. his credit history is really rubbish. he cant even get a bank account. i consolidated my overdraft and loan togethe using my bank. im stuck with them for 6 months they have lowered my repayments but it wont mess me up so try speaking to yourbank if your ever stuck good luck :)
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- A debt consolidation loan wouldnt affect your credit in a negative manner, but try not to close the lines of credit that you have now. So if you currently have like 3 credit cards you are paying on and you will include those balances in the consolidation, then keep like 2 of them open so that you still have credit (obviously you won't have the balances on them anymore though). Having little or no credit can be just as bad as having blemished credit. You can find more info here: http://debt.123thebest.info/credit_card.html All the best to you.
