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Does Debt Consolidation Loan Lower Credit Score? ?

debt converging loan

If we get debt converging loan will it reduce my credit score?

    This entry was posted on Saturday, November 21st, 2009 at 10:05 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

    2 Responses to “Does Debt Consolidation Loan Lower Credit Score? ?”

    1. no it just decreases your chances of credit later on.

    2. Yes, anytime you consolidate your debt the FICO recalculates your lending risk for the current period. Also, if you cancel any of you present accounts that also will cause your score to go down. The lenders are looking for any way to increase your cost to them. The best thing to do is get a home equity loan and pay off all your credit cards and never use them unless it’s an emergency.

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