help

Greetings nic411,

Check out this thread....

http://www.debtconsolidationcare.com/forums/about3484.html

Regards,
King "Kash" Jabba Labba

When you say consolidating are you saying get one loan, pay off the credit cards in full and then make one payment on the new consolidation loan? Or do you mean settling the debts for less than is owed?

If you get a consolidation loan and pay them in full and then pay that loan on time your credit will be fine.

if you settle the debts for less than is owed then your credit score will be hurt since it will show a lot of late payments and then "settled for less than full balance".

If you have other good credit that you keep up then your score will come back in a year or two. Settling debts doesn't prevent you from getting a mortgage, but your score will. So if your score falls below 660 you most likely won't be able to get a mortgage in the current environment regardless if you settled or consolidated.

If you consolidate your credit card debts through balance transfer, and if you close down the old cards, it can hurt your credit. However, if you take out a consolidation loan, and make timely payments on it, then your credit won't be hurt as such.

If you enroll in a debt consolidation program, it will get mentioned on your credit report. This won't hurt your credit. However, creditors and lenders may frown over this. I should also mention that this is not the case with all the lenders and creditors. Some may take this as your willingness to pay off debt. After you finish paying off the debt, the program will get removed from your credit report.