consolidating credit cards?

ctcsoft

Platinum Member
Nov 21, 2003
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just want to know if it hurts your rating or not. say after everything is paid off after consolidating.. will your rating be worse? will you have problems getting cc's in the future or loans?
 

dionx

Diamond Member
Mar 11, 2001
3,500
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hurts your rating short term. after 7 years, it probably won't matter
 

juiio

Golden Member
Feb 28, 2000
1,433
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Depends on how you do it.

Some credit cards give you checks that you can use to pay off other cards (IE a balance transfer). If you use those, it won't affect you.

If you go through a palce that negotiates with your credit card company and buys off your balance, then it will hurt you.
 

callmesteve

Senior member
Jan 5, 2005
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Originally posted by: juiio
Depends on how you do it.

Some credit cards give you checks that you can use to pay off other cards (IE a balance transfer). If you use those, it won't affect you.

If you go through a palce that negotiates with your credit card company and buys off your balance, then it will hurt you.

I didn't know that... :beer: for u
 

AStar617

Diamond Member
Sep 29, 2002
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Consolidation loan services that offer you "one convenient low-interest monthly payment" during the Divorce Court commercial break have a negative connotation on credit reports. You don't use them if your finances are on the up and up, and lenders know this.

In short, they hurt you.