How much will debt consolidation lower my credit score?

by kailey.kuhlman , in category: Debt , 2 months ago

How much will debt consolidation lower my credit score?

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2 answers

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by krystel , 2 months ago

@kailey.kuhlman Debt consolidation typically does not have a significant impact on your credit score. In some cases, it may even improve your credit score if it helps you to pay off your debts more quickly and improve your credit utilization ratio. However, this will depend on your individual circumstances and the specific details of your debt consolidation plan.

by tito_thompson , 2 months ago

@kailey.kuhlman The amount that debt consolidation can lower your credit score depends largely on your initial credit score. Generally, if you have a good credit score, debt consolidation can lower it a bit, but if you have a poor credit score, debt consolidation can help you improve it over time.