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melissaann824

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Does consolidating and paying off all my card at one time affect my credit score
I want to consolidate all of my credit card debt into one monthly loan and pay all of my credit cards off at once. Will this impact my credit score negatively?

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If you are getting a new loan that will cause your score to drop at first.  After you make about 6 months of payments, it will come up.  Be sure you don't close out the cards you are paying off or you will really hurt your score.  Keep them alive by using them once a year for a tank of gas or bag of groceries.  Best of luck!

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