Consolidating debt hurt credit score

12 Sep

One of the first things you’ll want to do is check your credit reports for accuracy.An error on any of your credit reports could prevent you from qualifying for the debt consolidation help you need, so .Many of the credit card offers that appear on this site are from companies from which Nerd Wallet receives compensation.The results of our “card comparison and finder tool”, card assessments, and reviews are based on objective quantitative and qualitative analysis of card attributes. Compensation may impact which cards we review and write about and how and where products appear on this site (including, for example, the order in which they appear).Another type of debt consolidation is one you would get through your mortgage lender – a HELOC or home equity line of credit.This essentially allows you to borrow money to pay off your debts using your home as collateral.

consolidating debt hurt credit score-38

Not only does that simplify your debt payments, it can also help you save money.Additionally, our star ratings are a mix of user feedback and Nerd Wallet’s independent evaluation which are independent of compensation.For a list of all of our advertising partners, click here' With so many websites offering free financial tools, it can be hard to know whom to trust.The answer depends on how you consolidate — and what you do afterwards.Debt Consolidation Loans" data-reactid="12"Debt Consolidation Loans Getting a new loan to pay off other debts is the most popular way to consolidate.