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senia09

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Will consolidating my credit cards affect my credit score? Asking for a lone just to make 1 payment?
I have several credit cards that are higher than they should be. I have never been late on my payments and have always been careful of taking care of my credit. The only problem is I started to use them a lot when I stopped working. I now am thinking of applying for a loan to make it all into ONE single payment. Will that affect my credit score?? Also, does consolidating debt affect credit score..? I don't know much about that, but I've heard of that.

Thank you in advance for your responses.

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Any time you open a new account your credit score will drop at first, but after about 6 months of payments your score will start to rebound.  If you close out the accounts you want to pay off, that will hurt your score as well, so don't close them once paid.  Best of luck!

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