Does consolidating debt affect your credit score

23-Dec-2019 23:17

Before you choose a debt consolidation loan, think about anything that might happen in the future which could stop you keeping up with repayments.

For example, what if interest rates go up, or you fall ill or lose your job?

You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.

You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.

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Even if your debt-to-income ratio is low, if your debt hurts your credit score, you could still be denied.

A better option might be a 0% or low-interest balance transfer card.

This is the cheapest way if you repay within the interest-free or low-interest period.

Ten percent of your credit score considers the types of accounts you have.

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Having experience with various types of accounts – credit cards and loans – helps increase your credit score.So, if you’ve never had a mortgage, your credit score could go up if a mortgage is added to your credit report.

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