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ACCEPTNOW

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What is more beneficial for your credit report?...multiple debts or consolidation?
should I apply for a personal loan in order to consolidate 7 other individual debt? will that have a positive affect on my credit score?

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Consolidation into Installment

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An installment loan, such as a debt consolidation loan, is regarded as more stable when compared to an unsecured line of credit, thus a higher balance installment loan that is in good standing will be more beneficial to a bunch of credit cards totalling the same balance.  Where people lose credit score points is when their credit card accounts are closed after transferring the balance to a consolidation loan, since their average-age-of-accounts declines, as does their available credit.  Having payments on multiple high balance credit cards is also typically more costly than a consolidation loan because of their typically high variable rates vs. an installment loan's lower fixed rate.  Overall, being proactive by seeking an installment credit consolidation loan can be very beneficial especially when compared to the alternative minimum payments that can cost a cardholder years and years of mainly interest payments.  Depending on your situation, a debt consolidation loan may very well have a positive effect both on your personal debt levels as well as your credit reports.

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