{"id":6273,"date":"2019-07-30T19:47:58","date_gmt":"2019-07-30T19:47:58","guid":{"rendered":"https:\/\/www.loanry.com\/blog\/?p=6273"},"modified":"2022-11-24T22:53:53","modified_gmt":"2022-11-24T22:53:53","slug":"does-a-debt-consolidation-loan-hurt-your-credit-score","status":"publish","type":"post","link":"https:\/\/www.loanry.com\/blog\/does-a-debt-consolidation-loan-hurt-your-credit-score\/","title":{"rendered":"Does a Debt Consolidation Loan Hurt Your Credit Score?"},"content":{"rendered":"

[vc_row][vc_column css=”.vc_custom_1669288514836{margin-top: 1em !important;}”][vc_single_image image=”6318″ img_size=”full”][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647891154480{margin-bottom: -1.2em !important;}”][vc_column_text]If you are considering debt consolidation using a loan then you need to consider the question of does a debt consolidation loan hurt your credit score? Debt consolidation can be a good way to help you manage your debt and can make it easier to pay down the debt process. Depending on how you go through the process of debt consolidation, a loan can have an impact on your credit score. It can help your credit score in some ways and in other ways it can hurt your credit score.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647891146464{margin-top: -0.7em !important;}”][vc_column_text]<\/p>\n

How Does a Debt Consolidation Loan Hurt Your Credit Score?<\/h2>\n

Determining how can a debt consolidation loan hurt your credit score will depend on various options you choose<\/strong>. When you choose a loan or a credit card then you are applying for new credit, which will mean a hard inquiry on your credit report. Anytime this happens, the score can suffer. Before you start a debt consolidation plan, check your score. If you close down your credit cards in the process of paying down a loan then it can also hurt your score.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_single_image image=”15293″ img_size=”full”][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647891164614{margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n

How to Prevent a Debt Consolidation Loan from Hurting Credit<\/h2>\n

If you are considering debt consolidation then your credit isn’t the best shape. If your credit score is already in bad shape then the answer to does a debt consolidation loan hurt your credit score won\u2019t really matter as much. When you don\u2019t want a debt consolidation loan to hurt your credit then it’s time to become aware of all your choices.<\/p>\n

The higher the amount of debt, the greater the impact on the credit score<\/strong>. Even if you see a slip in your credit score, chances are your credit score is low enough that it won\u2019t make much of an impact. If you are considering debt relief then be sure to arm yourself with information.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647891226980{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n

What Is Debt Consolidation?<\/h3>\n

In order to answer the question of does a debt consolidation loan hurt your credit score, it helps to know what bill consolidation financing<\/a> is. Debt consolidation can help you get control of your money. During the process, you merge different bills into one debt you pay off with one monthly payment<\/strong>. You can do this using a debt management company or by getting a loan to get out of debt<\/a>. Debt consolidation can work for credit cards with high interest.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647891902658{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n

Pros of Debt Consolidation<\/h4>\n

One of the main advantages of going through the process of debt consolidation is being able to handle your bills. First, try to negotiate your bills down as much as possible. Yes, that’s right it just takes calling and asking sometimes.<\/p>\n

It helps to know the advantages of debt consolidation so you know if the risk of using debt consolidation is worth it to you. You get to merge all your debts into one larger debt<\/strong>.<\/p>\n

If you are feeling overwhelmed about your debt then debt consolidating can make it easier to manage. One payment can be much easier to manage than a bunch of little ones<\/strong>. It can also improve your credit as you start to go through the process. As long as you are making consistent monthly payments, you decrease your debt and this will decrease your debt-to-income ratio as well.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

Cons of Debt Consolidation<\/h4>\n

The biggest con of debt consolidation is the interest rate. You can have a high-interest rate on any loan you get, especially if you have bad credit<\/strong>. However, once you have locked in an interest rate, it won\u2019t change as long as it\u2019s a fixed rate. Consolidating debt won\u2019t shorten the repayment in any way.<\/p>\n

Unless you close your credit cards, they will still be available to use and you can increase your debt while paying the consolidation loan. This can be dangerous so you have to change habits in order for it to not be a problem.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

How Does a Debt Consolidation Loan Help Your Credit Score?<\/h2>\n

While it initially seems the result is that a debt consolidation loan hurts your credit score, adding new credit or a loan will cause your utilization ratio<\/a> to go up and this could help you score<\/strong>. For this to work, you will need to leave your credit cards alone after you pay them off.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_html]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

Process of Debt Consolidation<\/strong><\/h3>\n

In order to be successful and not have a debt consolidation loan hurt your credit score, it helps to know the process.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_html]%3Cdiv%20class%3D%22process%22%3E%0A%0A%3Cdiv%20class%3D%22step%22%3E%0A%3Ch5%20class%3D%22step-h5%22%3EKnow%20Your%20Goal%3C%2Fh5%3E%0A%3Cp%20class%3D%22step-p%22%3E%0AWhen%20you%20start%20to%20consider%20consolidation%2C%20there%20are%20some%20things%20you%20need%20to%20know%20because%20you%20do%20not%20want%20to%20have%20a%20debt%20consolidation%20loan%20hurt%20your%20credit%20score.%20%3Cstrong%3EThe%20most%20obvious%20goal%20is%20to%20get%20out%20of%20debt%20but%20you%20may%20also%20have%20the%20goal%20to%20prevent%20debt%20consolidation%20from%20hurting%20your%20credit%20report%3C%2Fstrong%3E.%20You%20should%20have%20long%20and%20short-range%20goals.%0A%3Cbr%3E%3Cbr%3E%0A%3Cstrong%3EA%20long-term%20goal%20can%20be%20able%20to%20save%20for%20retirement%3C%2Fstrong%3E.%20A%20short-term%20goal%20can%20be%20to%20begin%20saving%20money.%20When%20you%20consolidate%20your%20debt%2C%20it%20gives%20you%20the%20freedom%20to%20start%20to%20think%20about%20these%20goals.%20You%20also%20want%20to%20make%20sure%20that%20consolidating%20your%20debt%20doesn%E2%80%99t%20stand%20in%20the%20way%20of%20your%20goals.%0A%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22arrow-cont%22%3E%3Cspan%20class%3D%22arrow%22%3E%26%2310162%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22step%22%3E%0A%3Ch5%20class%3D%22step-h5%22%3EGather%20Your%20Debts%3C%2Fh5%3E%0A%3Cp%20class%3D%22step-p%22%3E%0AYou%20need%20to%20gather%20information%20about%20your%20debts%20so%20you%20can%20know%20the%20gravity%20of%20the%20situation.%20You%20can%E2%80%99t%20start%20to%20understand%20the%20debt%20problem%20until%20you%20know%20how%20deep%20you%20are%20in.%20%3Cstrong%3ECheck%20with%20your%20credit%20card%20companies%20and%20other%20loan%20companies%20to%20know%20the%20pay%20off%20amount%3C%2Fstrong%3E.%20It%20could%20be%20different%20than%20you%20think.%0A%3Cbr%3E%3Cbr%3E%0ADon%E2%80%99t%20stop%20paying%20debts%20just%20because%20you%20are%20considering%20consolidation.%20You%20still%20need%20to%20continue%20to%20pay%20off%20your%20debts.%20If%20you%20aren%E2%80%99t%20paying%2C%20this%20can%20hurt%20your%20credit%20score%20and%20give%20you%20additional%20fees.%20You%20also%20need%20to%20gather%20up%20your%20debts%20so%20that%20you%20know%20how%20much%20the%20loan%20should%20be%2C%20should%20you%20choose%20to%20go%20with%20that%20option.%0A%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22arrow-cont%22%3E%3Cspan%20class%3D%22arrow%22%3E%26%2310162%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22step%22%3E%0A%3Ch5%20class%3D%22step-h5%22%3ELook%20at%20Your%20Assets%3C%2Fh5%3E%0A%3Cp%20class%3D%22step-p%22%3E%0AThis%20is%20a%20step%20that%20many%20people%20overlook.%20Assets%20can%20be%20your%20home%20and%20vehicles%20you%20have.%20You%20can%20also%20consider%20other%20valuables%20you%20have.%20This%20can%20include%20investments%2C%20savings%2C%20and%20retirement%20plans.%20Assets%20can%20make%20a%20difference.%20%3Cstrong%3ESome%20companies%20that%20help%20with%20debt%20management%20will%20want%20you%20to%20use%20assets%20to%20pay%20off%20your%20debts%3C%2Fstrong%3E.%20This%20may%20not%20be%20the%20best%20idea.%20Remember%20your%20goals%20about%20how%20paying%20off%20debt%20can%20be%20a%20short-term%20goal%20and%20saving%20for%20retirement%20is%20a%20long-term%20goal.%20Protecting%20assets%20can%20be%20a%20good%20way%20to%20also%20protect%20your%20financial%20future.%0A%3Cbr%3E%3Cbr%3E%0A%3Cstrong%3EUnderstand%20Your%20Credit%20Score%3C%2Fstrong%3E%3A%20In%20order%20to%20start%20the%20process%2C%20you%20should%20have%20an%20idea%20of%20your%20credit%20score.%20Your%20credit%20score%20can%20impact%20the%20interest%20rate%20you%20get%20on%20a%20debt%20consolidation%20loan.%20A%20lower%20credit%20score%20can%20give%20you%20a%20higher%20interest%20rate%2C%20which%20can%20result%20in%20having%20a%20debt%20consolidation%20loan%20hurt%20your%20credit%20score.%0A%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22arrow-cont%22%3E%3Cspan%20class%3D%22arrow%22%3E%26%2310162%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22step%22%3E%0A%3Ch5%20class%3D%22step-h5%22%3ELook%20at%20Your%20Budget%3C%2Fh5%3E%0A%3Cp%20class%3D%22step-p%22%3E%0AOnce%20you%20understand%20your%20debt%2C%20you%20also%20need%20to%20understand%20your%20budget.%20%3Cstrong%3EIt%20helps%20to%20know%20how%20much%20you%20need%20to%20pay%20off%20your%20debt%3C%2Fstrong%3E.%20If%20you%20aren%E2%80%99t%20able%20to%20pay%20off%20all%20your%20debt%20before%20the%20process%20then%20you%20may%20not%20be%20able%20to%20pay%20off%20the%20amount%20of%20the%20debt%20consolidation%20loan.%0A%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22arrow-cont%22%3E%3Cspan%20class%3D%22arrow%22%3E%26%2310162%3B%3C%2Fspan%3E%3C%2Fdiv%3E%0A%0A%3Cdiv%20class%3D%22step%22%3E%0A%3Ch5%20class%3D%22step-h5%22%3EKnow%20Your%20Options%3C%2Fh5%3E%0A%3Cp%20class%3D%22step-p%22%3E%0AThere%20may%20be%20a%20few%20debt%20consolidation%20options%20available%20to%20you.%20Some%20of%20the%20options%20may%20not%20make%20sense%20for%20you%20but%20it%E2%80%99s%20important%20to%20know%20these%20options%20are%20available.%20A%20debt%20consolidation%20loan%20can%20be%20used%20to%20pay%20off%20all%20your%20debt%20and%20then%20you%20are%20responsible%20for%20paying%20that%20one%20payment.%20%3Cstrong%3EIf%20you%20own%20a%20home%2C%20you%20can%20also%20consider%20a%20home%20equity%20loan%3C%2Fstrong%3E.%0A%3Cbr%3E%3Cbr%3E%0AThis%20is%20a%20secured%20loan%20since%20you%20are%20using%20your%20home%20as%20collateral.%20These%20loans%20may%20have%20a%20lower%20interest%20rate%20but%20you%20do%20risk%20your%20home%20if%20you%20aren%E2%80%99t%20paying.%20A%20balance%20transfer%20may%20also%20be%20another%20option%20available%20to%20you.%20This%20also%20requires%20you%20to%20have%20a%20new%20credit%20card.%20You%20can%20transfer%20the%20balance%20and%20pay%20it%20off%20with%20a%20lower%20interest%20rate.%20You%20can%20also%20use%20a%20debt%20settlement%20company%20with%20an%20expert%20in%20debt%20consolidation%20to%20help%20you.%20The%20expert%20will%20come%20up%20with%20a%20plan%20for%20you%20that%20is%20tailored%20for%20your%20specific%20situation.%0A%3C%2Fp%3E%0A%3C%2Fdiv%3E%0A%0A%0A%3C%2Fdiv%3E[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647892972607{margin-top: -0.7em !important;}”][vc_column_text]<\/p>\n

Can You Get a Debt Consolidation Loan with Bad Credit?<\/strong><\/h4>\n

While the answer to does a debt consolidation loan hurt your credit score may be no, it can be harder to get a loan with bad credit. While it may be harder to get a loan, debt consolidation for poor credit<\/a> can still be an option<\/strong>. Many modern lenders can give you a debt consolidation loan online and you can get approved in a very short period of time.<\/p>\n

You can start to compare different consolidation lenders online so you can find the right one for you. There are some alternatives that you should be aware of. Payday lenders may not be looking out for your best interest. Some can give you decent terms but others will have interest rates that are extremely high.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_video link=”https:\/\/www.youtube.com\/watch?v=BQCkwRXpTsQ&feature=emb_title”][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1647893030993{margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n

Should You Consolidate?<\/strong><\/h3>\n

The key to debt consolidation is to avoid taking on new debt. If you are borrowing money and paying off your credit cards but still charging them up, then you can be in worse shape than before. Think about your individual situation so you know how the process can affect your payments and your specific debt. Taking steps to consolidate debt can be the right choice if you are drowning in debt and you don\u2019t have any end in sight<\/strong>.<\/p>\n

If you feel that you can\u2019t get your bills paid each month because you can only afford the minimum payment then you may also want to consider consolidating. If you don\u2019t want to deal with multiple payments each month and want an easier way to settle your bills then you may also want to consider consolidating<\/strong>. You will have to decide which steps to address debt are the right choices for you. There are many different ways to access debt consolidation.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

Final Thoughts<\/h3>\n

When you are trying to answer the question of does a debt consolidation loan hurt your credit score, you need to consider your unique situation. Debt consolidation can help your credit score but it may also hurt your credit score if you aren\u2019t careful with the process. There are different ways to consolidate your debt, including a debt consolidation loan. It helps to know what kind of debt you have in order to understand if it is good or bad. By going through the process correctly, you can prevent a debt consolidation loan from hurting your credit score.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n\"Loanry\"<\/a>","protected":false},"excerpt":{"rendered":"

Depending on how you go through the process of debt consolidation, a loan can have an impact on your credit score. It can help your credit score in some ways and in other ways it can hurt your credit score.<\/p>\n","protected":false},"author":16,"featured_media":6319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[856],"class_list":["post-6273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-score","tag-credit-counseling"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/6273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/comments?post=6273"}],"version-history":[{"count":24,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/6273\/revisions"}],"predecessor-version":[{"id":17868,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/6273\/revisions\/17868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/media\/6319"}],"wp:attachment":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/media?parent=6273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/categories?post=6273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/tags?post=6273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}