Does consolidating your credit cards ruin your credit

Posted by / 07-Oct-2020 10:36

Does consolidating your credit cards ruin your credit

We want you to remember that the main goal of debt consolidation is to pay back your debts and to take back control of your personal finances.

In the end, your credit report should be on its way to looking better than it did before you decided to consolidate your debts.

While this can work it is extremely important that you find a credit card that has a lower interest rate and affordable balance transfer fees.

A balance transfer is almost never free so if the fees associated with it are high, it might not be worth it.

An Alternative lender will work with you to help you get back on track; just make sure you choose a reputable lender.

That initial hit to your score happens the day the payment is marked late.

The hit becomes more intense if the payment is 30 days or more late.

It many instances, it will improve a person’s credit.

Any hits to your credit will come if you were behind on the payments for the debts that you are consolidating.

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The amount your score will drop depends on high your score was to prior to the late payment.

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