 How do you correct bad credit? |
| My boyfriend has horrible credit with a lot of past things he needs to pay off. Is there a type of credit counsler, or financial advisor that can help him get started? We want to start looking for ... |
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 I am considering bankrupcy....? |
| has anyone ever done this, I want to hear from people who have done this with an attorney and what the outcome was. I have $35,000 in credit debt and I can not work out payment agreements and I can ... |
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 I cosigned on a car with someone 3 years ago. How do i transfer the payments to the other person? |
| The person is not paying me the money on time. I have to pay it so that it does not affect my credit. Both of us names are on the purchase papers.... |
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 Do you have to be 18 to acquire a credit card? |
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this is argument between me and a co-... |
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 Can a cell phone plan build your credit? |
I recently got a 2 year contract in my name. I don't have any credit (I just turned 18 a few months ago) but they ran a credit check and I was somehow approved for a contract with T-Mobile.... |
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 Need a website where you can apply fo a loan with bad credit.? |
| Don't want any private lenders B.S. I don't have bad credit or good, so say it is fair. I am never late on payments, but have some doctor bills that have not been paid, I don't get ... |
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 Is a credit card better than a debit card? |
| I currently have a debit card and find it very convenient while making transactions at merchant dealers and online. But, most of my friends have a credit card and tell me to take one. I always think ... |
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 Do personal loans ruin your credit? |
| Can taking out a large personal loan of between 5-8000 dollars have any effect on your credit score?... |
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 Has anyone heard of or dealt with Eric Smith (eric_loan)001@yahoo.com? |
| I am thinking about applying for a loan from Eric Smith. He is asking for a non-collateral deposit of 2.1% of the principal loan amount and states that this is legal as stated in the Amended C... |
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 How do I protect my unborn child's credit from his irresponsible dad and grandad who have the same full name? |
| My husband John Smith II had his credit ruined by his father John Smith I. I am pregnant with a boy now and want to name him John Smith III but don't want the same thing to happen to my child. ... |
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 I need help in payday cash advance loan, plz? |
| I need some cash advance for emergency, somebody tells me a loan company that can lend me money like hundreds pounds??... |
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 BANK OF AMERICA check? |
my aunt in another state sent me a check in the mail for 1000 well....
i dont have a bank account and dont wanna start one quite yet, is there any other way to cash it?
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 Has anyone tried freecreditreport.com? |
| Just wondering if they are legit or if they will steal my personal info or sell it.... |
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 ARE there any real online lenders out there that give loans to people with poor credit? |
| Jeff Norerts? does anyone have anything on him? I got scammed once and i wont again but I need a loan immediately my life depends on it. If anyone can help me please do. If any of you scammers write ... |
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 Credit disputes question? |
I know this sound's bad, but can you dispute acounts on your credit if it's realy your bill, and if so what is the best way to do so?
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THIS IS TO THE ONE WHO&#... |
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krystal t | Do debt consolidation loans bring down your credit score? |
I'm wondering if debt consolidation loans bring down your credit score? Also are you required to close the credit cards you pay off with the consolidation line of credit? |
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oilman11977
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Why not try to consolidate all the credit cards to one low interest rate card. You can also call each credit card co and ask if there are any special promos to lower interest rate. The big issue would be not to run up additional debt once you have consolidated. It is a common error. Good Luck |
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Debt Guru
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No a debt consolidation loan by itself will not bring your credit score down at all.
However that loan may increase your debt to income ratio over the float months between when you get the loan and pay off your other debts. This could cause a nose dive in credit scores because on month you have 10k in debt. Then you get a loan for 10k to pay off the 10k you already owe. Well depending upon your creditors one month you may have 20k worth of debt reported to your credit report. and that would hurt your score and it would take a few months before things were reported correctly.
You should close the accounts so that you cannot under any circumstances rack those other accounts back up. The purpose of taking the new loan is to pay off the other debt so close out those accounts.
FYI this may be pushing it but i have heard of some lenders denying home loans because they view debt consolidation loans as a profit loss because you may do it to them in the future. This is not very common. |
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bdancer222
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Instead of going thru debt consolidation, just clear up your debt yourself.
Make a strict budget. Eliminate all the extras -- cell phone, eating out, movies, etc. Take every penny you can squeeze out of that budget and put it on the highest interest rate credit card, while paying the minimum on the rest. When the highest interest rate card is paid off, move on to the next till all are paid in full.
It will take you 2 or 3 years to clear up all your debt. But you're credit score will improve. |
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captain9901
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No it does not lower your score. On your credit report, it will say if the credit card is in debt consolidation. Some lenders look at this as a positive and some look at it as a negative. It just depends. Yes, you are required to close your credit cards when you are in the program.
I have been part of ACCC for over a year now, and really feel that it is helping my credit. I would never have been able to pay my credit cards with their high interest rates. The program lowers the interest rates, and so you pay the debt off faster. Hope that helps!!! |
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Rene
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Here is an excellent site with some wonderful options 4 U. |
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biskio
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan. |
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matt j
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Before deciding to go for credit card debt consolidation, first find out if it is right for you. Start by totaling all the balances on credit cards and store cards and the APR charged on these balances. Be sure to include any other fees and charges applicable to the balance and even those levied if the balance is nil.
This will let you get an overview of all your debts on one sheet, to let you compare them at a glance. This information will give you a picture of the cost of each debt in terms of interests and charges and will help you in comparing it against the ...
http://www.freewebs.com/getanswer/CreditCardDebtConsolidation.html |
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Kate G
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Found this article, that explains exactly how this works:
http://www.articlebiz.com/article/78103-1-understanding-debt-consolidation/
Hope this helps! Good luck getting out of debt:) |
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cute g
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Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan<!--allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.
http://badcredits.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail. |
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