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consolidation loan

Date: Sat, 06/04/2005 - 09:25

Submitted by anonymous
on Sat, 06/04/2005 - 09:25

Posts: 202330 Credits: [Donate]

Total Replies: 2

consolidation loan


If I consolidate my loans does this effect my credit rating in a negative way or make it harder to purchase a car or home later?


Hi Suzan

Welcome to the forums.

When the creditors report that you have enrolled in a debt management program or taken credit counseling, it stays in your credit report for some time as long as you are in the program. It neither permanently damages the credit and nor, in most cases, even drops the score. It appears in the report as prevention from getting additional revolving credit while in the program. It is a very good thing as it shows that you have taken the responsibility to clear off your past debt.

After you have paid all your debts, debt consolidation program will disappear from your credit report and you will regain your financial worthiness.

We will be pleased to assist you further if you have any other queries regarding debt consolidation. Please join the forums as a member to enjoy the benefits and services of the debt consolidation program.

http://www.debtconsolidationcare.com/signup/

Regards
Roxette


lrhall41

Submitted by roxette on Sun, 06/05/2005 - 01:39

( Posts: 4009 | Credits: )


Hello Suzan,
Welcome to the forums.

Quote:

If I consolidate my loans does this effect my credit rating in a negative way or make it harder to purchase a car or home later?


We all know, how important our credit reports are in showing our present financial status. Our chances of getting loans in the future depend on our credit scores.

Since, you are considering a consolidation program; it will only improve your credit scores further. There is no fear of it hurting your credit scores, since after you have completed paying off your dues, the debt consolidation program will no longer appear in your reports.

If you want to know more about the benefits of debt consolidation, please read the related article provided by this site.

http://www.debtconsolidationcare.com/benefits.html

If you wish to join this site to get more information and guidance concerning your debt related problems, you can register as a free member, by filling up the signup form.

Hope this information will help you.
Keep posting.

Regards,
Peter


lrhall41

Submitted by peter on Mon, 06/06/2005 - 06:19

( Posts: 285 | Credits: )