Does consolidating credit cards look bad on your credit report?
Wednesday, September 30th, 2009 at
9:41 pm
I аm REALLY bаԁ wіtһ credit cards аחԁ һаνе racked up аbουt 000.00 іח debt οח 3 cards аחԁ tһе payments аrе 5.00 a month. If I consolidate I саח save аbουt 0 a month bυt I dont want tο ԁο іt іf іt puts a dent іח mу report bесаυѕе I һаνе really ɡοοԁ credit.
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Tagged with: bad credit • Cards Credit • Consolidating Credit Cards • credit report
Filed under: Finance
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What type of consolidation are you talking about? Transfering all of the balances to one credit card to consolidate or a consolidation company? Consolidation company is a great way to pay off your debts and save money, but it does hurt your credit rating. I had this problem several years ago. What I did was I got a bank loan for the exact amount that I owed at a pretty decent APR. I paid off all the cards and only worried about the one payment towards the bank loan. If you are unable to get a bank loan contact the credit card company with the lowest APR and ask for a credit increase to do a balance transfer (let them know the amount.) Credit card companies are so greedy and if you are in good standing with them they will happily oblige. If the credit card company with the lowest APR doesn’t oblige there are credit card companies (like Discover) where you apply for a card specifically to do balance transfers starting at 0% APR for the first 6 months or year. Definitely look into these too as a last resort.