Debt consoladating

Please remember that your use of this website is governed by Bankrate’s Terms of Use.If you have a number of debts, you may wish to merge them all into one loan. There may be a number of reasons why you would wish to do this.And the fact that many people do just that is why the action will temporarily cut your rating.For the record, and for those who don’t know the difference, a credit rating and a credit score are 2 different things.A credit score is derived from items reported in your credit file.It uses a complex mathematical algorithm to come up with a score that predicts whether you are more or less likely to default on your next loan.Should you need to cut back on expenses in other areas to afford the consolidation loan payment, be sure you’re willing to make the needed sacrifices for the entire 5-year repayment period, and be doubly sure you don’t use those cards unless you can pay them off in full each month!

If you don’t know why or how you amassed ,000 in credit card debt, begin there.

What type of credit score will I need to get a ,000 debt consolidation loan, and can I even get that much?

I have never been late on a mortgage payment, but have on credit cards.

A credit rating is assigned by a person who looks at issues beyond your credit report before deciding how creditworthy you are.

These issues include income, job stability, your ability to use dormant credit lines and more.

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