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Debt consolidation a positive on credit?
I have a credit card and two student loans totalling 10k. My credit is low, not poor, just low. Will getting a debt consolidation loan raise or lower my score? It will certainly help me pay the debt down quicker and I do understand the fees and collatetal, my question is, is this a positive or a negative on your fico score?
2 Answers
- Anonymous10 years ago
Debt consolidation is looked at very negatively in terms of credit. It says "I couldn't handle my current debt, so I needed help and consolidated it."
Negative
- Ryan MLv 710 years ago
It generally hurts since it shows that you took out more debt than you were able to handle.
