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Does consolidating credit cards hurt credit score
Another common mistake that can take a toll on your credit score is if you pay off on your consolidation loan.If you close the credit cards you pay off, you reduce your available credit, which could increase your credit utilization ratio (a.k.a.There are multiple options for debt consolidation (more on this in a bit), but if you stick to a well-thought-out payoff plan, a new lower-interest loan is a viable way to pay off high-interest balances in one shot. For example, one common question about the tactic is, “Does debt consolidation hurt your credit score? “The degree to which they have a negative impact depends on how many inquiries you have over a specific period of time,” says Bruce Mc Clary, spokesperson for the National Foundation for Credit Counseling.
S., how much a hard inquiry hurts a credit score varies from person to person, and such an inquiry is more likely to hurt your credit score if you have few accounts or a minimal credit history.
In other words, research your options in advance to avoid potential credit damage from applying for multiple debt consolidation loans, or ask for loan quotes based on soft credit pulls, as opposed to hard inquiries.
Locking down the best rate typically means that your mortgage debt doesn’t exceed 85 percent of your home’s value.
Your debt-to-income ratio (DTI) also comes into play.
On the flip side, debt consolidation can majorly help your credit score.
You may be able to get a consolidation loan with an interest rate lower than what you’re paying across all your separate debts, which means more of your monthly payment will go toward your principal balance.
(Again, the whole point is to transfer high-interest balances to a lower-interest loan.) On a similar note, folks with spotty credit should look long and hard at the terms they’re offered; interest rates can exceed 35 percent for applicants with bad credit.
Pro tip: Limit your search to lenders that use soft credit pulls.
If your total debt payments equal more than 45 percent of your total income, lenders may be hesitant to give you a HEL.
That said, home equity loans can be a fantastic consolidation tool.