How credit score is affected by debt consolidation program

chunyiwng

By following the debt consolidation program...you are able to reduce your payments in some cases. The interest fees are usually dropped and any late fees waived. You make one lump sum payment (something you can afford by your income and living expenses). By making these payments your credit will improve.

Once when you've paid everything off, you'll have an even better score.

Basically it'll be just like making your credit card payments on time. The consoliation program you will have to follow a certain due date.

Does this answer your question.

-Mikey

Chunyiwng,

Consolidation program does not hurt your credit ratings in anyway. It's like easing your payment mode with the help of the consolidation program. The lenders are actually interested in seeing your credit file with payments paid in full to your creditors. It gives them the impression that if they lend you credit, their money goes in safe hands.

You use the consolidation program to ease up your payment method and the results given by the consolidation program is still the same. You can check the link below where I have explained about it in details:

http://forums.debtcc.com/forums/creditrate.html

I do not want this to compromise my credit score with my
husband I am trying to get this controlled so he will not
be compromised or have to worry. Its my fault and I do not
want him involved.