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Contributed by mm | September 9, 2006 1:33 AM PST
At least for the short term, debt consolidation will likely put more damage to your credit score if the debt consolidation plan involves a credit card, home equity loan or home equity line of credit.
From Bankrate:
Consolidation also can hurt your credit score if it involves a credit card, home loan or line of credit, says John Ulzheimer, business development manager for MyFico.com, a division of Fair Isaac Corp., the company that developed credit scoring.
"Debt consolidation always has an effect on the credit report, so it always has an effect on the credit score," he says. Just how much the score will change, and for how long, depends on your report and how you treat your consolidation loan.
Want to gauge just how much that new card or loan could affect your credit? Go to the Fico Score Estimator at Bankrate.com. Calculate your score with and without the consolidation option.
What do you think of this post? Be the first to share your opinions.
Enjoy the latest personal finance news and commentary at PFBlog Network.
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Charge Off Does Not Stop Collection (September 10, 2006)
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12 Warning Signs of Debt (September 5, 2006)
If you have two or more of these warning signs in your life, map out a financial plan before you get dragged deeper in the debt.
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