Does consolidating your credit cards ruin your credit

Consolidating your maxed out credit cards with an installment loan (a debt consolidation loan) will more than likely help your credit score.Having a variety of different types of credit accounts will help improve your credit score and paying off credit card debt is always a good idea.Just remember that applying for a new loan may also cause a short-term dip in your credit score, don’t be worried if this happens.If you’re having trouble getting a debt consolidation loan because of your low credit score then you should consider entering a debt management program.While every debt consolidation option has its own unique effect on your credit rating there are a few positive effects you can look forward too: If you handle debt consolidation appropriately and responsibly, the long-term effect on your credit score and report should be more positive than negative.Trying to cut corners or ignoring the issues at hand will end up doing more harm than good.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.

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If you’re currently thinking about consolidating your debts this option is probably high on your list of viable choices.A debt consolidation loan can be an extremely useful tool, just make sure you’re getting one that is actually going to help your debt situation, and not hurt it.Your best bet is to go with an alternative lender, especially if your credit is already less than great.Banks typically only want to lend to people with a high credit score.An Alternative lender will work with you to help you get back on track; just make sure you choose a reputable lender.

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