Does Loan Consolidation Affect Your Credit Score? Here is the Truth
Posted in Criterion on 04/22/2010 05:32 pm by
Posts Tagged ‘Credit Score’
How does student loan debt affect my credit score?
Posted in Credit on 02/23/2010 04:01 am by
Fly girl asked:
I am at the final stage of paying off credit card balances. Just one more month, yippee!!!! I’ve also already paid off my car loan 7 months before the maturation date. Anyway, I still have close to $50,000 in student loan debts- federal and private. But that’s it. I have never had any major credit problems. Will all this student loan debt have a negative impact on my credit score and rating?
I always make the payments on time every month.
Vera
I am at the final stage of paying off credit card balances. Just one more month, yippee!!!! I’ve also already paid off my car loan 7 months before the maturation date. Anyway, I still have close to $50,000 in student loan debts- federal and private. But that’s it. I have never had any major credit problems. Will all this student loan debt have a negative impact on my credit score and rating?
I always make the payments on time every month.
Vera
If I put all of my student loan debt on a credit card, could I cancel this out by declaring bankruptcy?
Posted in Credit on 02/10/2010 03:33 pm by
migueljuan asked:
I currently owe $45,000 in student loans and I am having a hard time paying them off. The loans are private (sallie mae) and I am not elligible for consolidating them via federal loans since I am not a US citizen. I was not able to get a visa so I had to leave the US. I live in Europe now.
I currently owe $45,000 in student loans and I am having a hard time paying them off. The loans are private (sallie mae) and I am not elligible for consolidating them via federal loans since I am not a US citizen. I was not able to get a visa so I had to leave the US. I live in Europe now.
I understand that declaring bankruptcy would not cancel out the student loans, but I have read that bankruptcy could cancel out credit card debt. I have a good credit score (790), so given some time, with an even higher credit score, I may be able to transfer my loans to a few credit cards.
What are the laws regarding credit card debt and bankruptcy? What difference does it make that I am not a US citizen and do not live in the US?
Lucy
Anyone know any good way to get a decent debt consolidation loan?
Posted in Credit on 11/17/2009 03:28 pm by
Brad M asked:
I want to get a debt consolidation loan, WITHOUT using my home equity, but they are telling me my credit score is great, but by ratio is too high. Well, I want to consolidate all the CC debt I have, but it’s running me in circles. What’s the point of trying to get a consolidation loan if they won’t lend it to you because you have too much debt? Does anyone know of ANY bank or anywhere I can turn to that understands and can try and help me? Thank you for your help!
Brett
I want to get a debt consolidation loan, WITHOUT using my home equity, but they are telling me my credit score is great, but by ratio is too high. Well, I want to consolidate all the CC debt I have, but it’s running me in circles. What’s the point of trying to get a consolidation loan if they won’t lend it to you because you have too much debt? Does anyone know of ANY bank or anywhere I can turn to that understands and can try and help me? Thank you for your help!
Brett
Debt Loans: your Passport to Enter Into a Debt Free World
Posted in Debt Consolidation on 11/11/2009 12:06 pm by
David Parker asked:
What if someone else comes forward to take care of your entire high interest debts and leaves you with only one easily manageable loan? Certainly you will not mind accepting such an offer. But you may wonder how this is possible! Well, the device that can make it possible is debt loan. In UK debt loans are offered to help out the people who are struggling with unmanageable level of debt and who want to replace it with an easily manageable loan.
Some people think that converting multiple debts into one loan is nothing but to increase the debt obligation even more. But a close analysis of how a Debt consolidation loan works will reveal that it is a highly effective method of resolving one’s debt problem and thereby avoid bankruptcy and individual voluntary arrangement.
Debt loans at once set you free from the hassle of dealing with multiple loans and more than one creditor.
The loan will come with much lower interest rate than some of your credit cards and store cards.
You will have a long repayment period to pay off the loan.
Long repayment period together with lower interest rate will contribute to keep the repayment instalments smaller.
You can keep track of your money easily.
Your personal finance will be within your control.
You can also keep up the impressiveness of your credit score.
Debt loans are open to all as these loans offered with and without collateral. Therefore, both homeowners as well as tenants can take advantage of debt loans.
Tom
What if someone else comes forward to take care of your entire high interest debts and leaves you with only one easily manageable loan? Certainly you will not mind accepting such an offer. But you may wonder how this is possible! Well, the device that can make it possible is debt loan. In UK debt loans are offered to help out the people who are struggling with unmanageable level of debt and who want to replace it with an easily manageable loan.
Some people think that converting multiple debts into one loan is nothing but to increase the debt obligation even more. But a close analysis of how a Debt consolidation loan works will reveal that it is a highly effective method of resolving one’s debt problem and thereby avoid bankruptcy and individual voluntary arrangement.
Debt loans at once set you free from the hassle of dealing with multiple loans and more than one creditor.
The loan will come with much lower interest rate than some of your credit cards and store cards.
You will have a long repayment period to pay off the loan.
Long repayment period together with lower interest rate will contribute to keep the repayment instalments smaller.
You can keep track of your money easily.
Your personal finance will be within your control.
You can also keep up the impressiveness of your credit score.
Debt loans are open to all as these loans offered with and without collateral. Therefore, both homeowners as well as tenants can take advantage of debt loans.
Tom