Apr
23
If you consolidate your credit cards does it hurt you credit bad?
Filed Under (Bad Credit Credit Cards) by admin

Trisha V asked:


Im having a hard time paying all my credit card bills. And I keep getting a letter in the mail saying I can consolidate them. I dont want to mess up my credit. In the future I want to open a business and at that time i will need good credit to get a loan…But at this time it would help to get them lowered and in one bill. Please let me know …Thanks , Trisha

BERNIECE

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Comments

ibsawdust on 26 April, 2009 at 4:15 am #

don’t do it..read the link below..


Duane B on 27 April, 2009 at 12:07 pm #

Consolidation is not real bad to your credit if the consolidation loan is an offer from your creditors. It would only really help though if it is at a lower interest rate than what your currently paying now! A consolidation is a negative like a -4 which is a lot better than a default (-9) It will drop your score for awhile, but the sooner you get it paid off your credit will bounce back up.

I have a website about credit repair below. I went through an Identity theft and followed that with a bankruptcy so I know a lot more about this than most.

You should get a copy of your credit report if you don’t have one already. You don’t have to pay for one and I have a couple of links where you can get one for free if you wish.

I had a terrible score of 486 and in a little over a year I got it up to 729!