Consolidating..
Hi all.. i havent been on here for the longest.. anyways, can someone please tell me does consolidating your debts affect your credit bad?.. i want to consoidate some credit cards and a loan i took out.. im not really tryin 2 get a house or a loan anytime soon but i just wanted to know does it affect my credit bad and is it worth it..
thanks..
what are you going to consolidate with? credit card or an installment loan?
credit cards and a personal loan..
If you are going to apply for new credit cards to pay off existing credit card debt, do not close the old cards. new debt will hurt credikt rating and old debt helps credit rating (based on when cards were opened). Also you want to keep your ratio of outstanding debt vs available credit below 50%.