Debt Consolidation???? - Ask Rich / Money 101

MotoMoto · 03-11-2009, 11:51 AM

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ProudArmyWifeD · 03-13-2009, 06:56 AM

How did you consolidate your debt? Take out a loan? Transfer balances to one credit card? Neither of those will tarnish your credit report.

If you are using a company, though, depending on what they did, it might.

TallBlondie82 · 03-13-2009, 07:14 AM

I used a company for this, and didn't harm my credit score or make it better

it just stayed the same

Kitten35 · 03-13-2009, 10:39 AM

It shouldn't, but maybe pay it off as soon as possible. They make more money off of you the longer you take to pay it back, which is why they let you do it. :-) IT's not a win-win situation, so just get it paid off and you should be ok.

MotoMoto · 03-14-2009, 09:43 AM

I plan to pay it off early. I just didn't want it to effect my score too much. Oh well. What's done is done.

03-11-2009, 11:51 AM	#1 (permalink)
MotoMoto I Like 'Em Big! I Like 'Em Chunky! Join Date: Nov 2008 Location: Third Rock from the Sun Posts: 1,353 Classifieds: (0) Activity: 0% Longevity: 16%	Debt Consolidation???? ***************** Last edited by MotoMoto; 06-01-2009 at 11:10 AM.

03-13-2009, 06:56 AM	#2 (permalink)
ProudArmyWifeD Senior Member Join Date: Jan 2008 Location: Neither here nor there Posts: 2,691 Classifieds: (0) Activity: 43% Longevity: 31%	How did you consolidate your debt? Take out a loan? Transfer balances to one credit card? Neither of those will tarnish your credit report. If you are using a company, though, depending on what they did, it might. __________________

03-13-2009, 07:14 AM	#3 (permalink)
TallBlondie82 Im crazy, the good kind Join Date: Sep 2007 Location: Pennsylvania Posts: 21,307 Classifieds: (0) Activity: 61% Longevity: 37%	I used a company for this, and didn't harm my credit score or make it better it just stayed the same __________________ Slowly getting there

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03-13-2009, 10:39 AM	#4 (permalink)
Kitten35 Junior Member Join Date: Sep 2008 Location: Pennsylvania Posts: 1,096 Classifieds: (0) Activity: 25% Longevity: 20%	It shouldn't, but maybe pay it off as soon as possible. They make more money off of you the longer you take to pay it back, which is why they let you do it. :-) IT's not a win-win situation, so just get it paid off and you should be ok.

03-14-2009, 09:43 AM	#5 (permalink)
MotoMoto I Like 'Em Big! I Like 'Em Chunky! Join Date: Nov 2008 Location: Third Rock from the Sun Posts: 1,353 Classifieds: (0) Activity: 0% Longevity: 16%	I plan to pay it off early. I just didn't want it to effect my score too much. Oh well. What's done is done.