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Posted: Thu Feb 16, 2006 7:43 pm Subject: credit card consolidation

does credit card debt consolidation hurt one's credit score.

Posted: Thu Feb 16, 2006 7:59 pm Subject:

Credit card consolidation won't hurt your credit scores in the long run. A remark will be seen in your credit file after you have included the accounts in the program. This statement does not affect your credit ratings.

The lenders who will be viewing your file will see you undergoing this program. You would have bagged the best credit packages from them if you made payments on your own. But consolidation program will be helpful in case you want to avoid the defaults that might result in the future.

This program will be helpful in making your repayments easier. The interest rates will be slashed down and most of the extra charges like the late payment fees will be wiped off. Thus, you will have a much reduced amount to pay after taking the program.

Do not worry about your credit ratings. I myself am undergoing this program for improving my credit.

Posted: Thu Feb 16, 2006 8:13 pm Subject:

thanks John

i appreciate your reply, i am looking to buy a house next year, will be getting married in 3 months, and am looking to be debt free. I try, but cannot get past the hump, keep drowning with the finance charges.

Posted: Fri Feb 17, 2006 11:12 am Subject:

Hi! If you stick to a strict budgeting program and make regular payments to the consolidation company (they will pay your creditors), you will be able to repair your present situation. Moreover, the counselor will convince your creditors to reduce the interest rates. Also, most of the late payment fees and other financial charges are wiped off. So, after taking this program, much of your payments will be surely going towards the principal amount.

Do not worry about your credit after taking this service. The lenders who will view your file with this program will appreciate you taking care of your accounts. Though they may not be giving you the best credit packages unless you paid it on your own, but it will be still better than going into defaults and creditors' calls.

Regards
Roxette

Caroline · Posted: Tue Oct 02, 2007 2:45 pm Subject: Keeping Credit Cards

Do Credit Cards remain open accounts after a consolidation helps you pay the off? Or is the account automatically closed by the creditor? Because I know that would definitely put a ding on my credit score. Thanks, caroline

Guest · Posted: Fri Oct 05, 2007 12:16 pm Subject:

the accounts get closed if you use a debt consolidation company. If you wish to keep a credit card for emergencies you simply don't include it in the consolidation program.

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