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Posted: Sat Oct 20, 2007 12:22 pm Subject: debt consolidation

I have a very good credit, but would like to consolidate my debt to avoid paying to multiple vendors and I want to cancel some of these accounts. Will consolidating my loan affect my good credit ratings?

Posted: Sat Oct 20, 2007 2:28 pm Subject:

Welcome!!

What kind of debts do you have? Loans, credit card, PDL's?

If you do consolidate credit card accounts, some consolidation companies & creditors will close the account. That might affect your score. But when you are in a program you do make regular payments to the creditors-just through the consolidation comp-those regular payments may help your credit a little.

I'd suggest either calling a counselor here at DebtCC or apply for a free consultation. That way you can see what your options are!

Posted: Sat Oct 20, 2007 2:36 pm Subject:

Nora, If you do have very good credit, I personally would not do anything to ruin it by getting into a program. Yes it will definately damage your credit rating

Posted: Sat Oct 20, 2007 4:15 pm Subject:

If you want to cancle an account then go ahead and do it but you need to have some sort of payment plan in place. Interest and additional fee's do ot stop when you cancle a card. In fact the balance become due in full immediatly.

Sit down and work out a budget. Then call your creditors and see if you can work something out with them. Some creditors won't charge you any interest at all if you have post dated checks set up through them.