davedave2
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Sub: #1 debt consolidation
Replied on 07-27-2010, 03:14 PM
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if i get approved for a debt consolidation loan to consolidate credit card debt, will my credit card accounts be closed? i'm looking to pay down some of my credit card debt and to also keep at least one credit card account OPEN so i can continue to use it. is that possible?

Sub: #2
Replied on 07-27-2010, 09:19 PM
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Yes, it's possible. The fact is, it's up to you whether you want to close your accounts after you pay-off the debts. Closing paid-off accounts will lower your available credit and will subsequently lower your credit score.

If you're looking to close your accounts, close the newer ones rather than the ones you've used for a longer time. Having long-standing accounts will establish a good credit history and will help to raise your score.




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