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Question By
asniu

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Should I consolidate?
I'd like to consolidate my debt to pay it off faster. How would that affect my credit score? How long does it take to recover a good score?

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Consolidate or no?

It depends on HOW you consolidate.  There's a couple routes and some are better than others.  If your credit is good enough to apply and be approved for zero interest revolving credit or installment loans, then that could be a really excellent way to do it.  With revolving credit you will want to be careful not to max out your credit limit.  30% of your score comes from the balances you carry on revolving credit.  If you can get an installment loan and pay off your revolving credit, that will help substantially.

If, however, you scores don't alow you the ability to do the above, working with a debt consolidation company will virtually always trash your credit score.  For some, this is a last resort and only option in order to stay out of bankruptcy.  I would MASSIVELY encourage speaking to a credit expert before making such a move.  Most reputable companies provide a complimentary consultation (like ours).  Feel free to click on my profile and contact info is there.

Hope that helps,

Joe

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