Does consolidating student loans hurt my credit score
Then negotiate your account status with the creditors and go for a pay for delete agreement with them.Then ask them to update your account status as "Paid in full" or "Paid as agreed". And one more thing is that you won’t be able to consolidate the student loan.But the credit score also depends on how you deal with your current financial situation.After you go for the debt consolidation program make sure that you use your older accounts.The problem, however, lies in how your future creditors may view such a notation.Some may take it as a positive thing showing that you are taking responsibility for your financial situation. This notation is removed once you finish or terminate the debt consolidation program.All these together can help you to improve your credit score.Thanks, Aaron Hi Guest, Yes, debt consolidation does not hurt your credit score as you are not required to miss payments.
Then ask them to update your account status as "Paid in full" or "Paid as agreed". And yes last but not the least get a secured credit card.This article discusses some of the reasons for and against consolidation.Hi Jayben, Debt consolidation is good idea, if you wish to lower to interest rate and get the extra fees and charges waived off.And one more thing is that you won’t be able to consolidate the student loan.Regards, Aaronone issue with this kind of credit counseling is that your first payments go toward dues rather than your bills.
Hi jayben, Attempting a debt consolidation means to get together all your loans to pay off the greater debt.