Can debt consolidation have a negative impact on my credit profile?

shargnu asked:

How can debt consolidation affect my credit history/profile? How will it affect my credit score now? What if I want to buy a house within the next 2 years?
What if I want to buy a car within the next year?

Find a debt consolidation loan

One Response to Can debt consolidation have a negative impact on my credit profile?
  1. John C
    September 5, 2009 | 9:40 am

    yes it will neg. affect your score substantially. It may make it harder to get a home loan, but so will having several debts. You should try to pay off each account individually. Call your creditors to negotiate down the APR. You may have to wait on that house depending on what all negative info is in your report.

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://www.onlineloanfinder.com/can-debt-consolidation-have-a-negative-impact-on-my-credit-profile/trackback/