Consolidating debt credit score
I did read online, and in this post, about credit settlement and various options moving balance around, however, I have 6 cards with a total out of ~35k.I emailed a credit counselor who suggested their program where I pay them ~0/month and I'm done in 5 years.The frequency with which you apply will have an impact on your score.According to Fair Isaac, the typical inquiry will, on average, lower your FICO by about five points.Consolidated credit companies are another name for credit counseling agencies.They advise consumers on budgeting and discuss options available for eliminating debt.Regardless of which consolidation option you choose, shop around before you apply and limit the number of inquiries to minimize any negative impact on your credit score.
Simply put, the debt snowball method works by paying your lowest balance credit card first and work your way up.
I am in a stinky situation where I accumulated lots of debt by paying my tuition fees on my credit cards and now they are just killing me with interests.
Being on a visa, I was not eligible for a federal loan, therefore I went with the next worst thing I knew.
This would increase my available credit of ~20-25k, which I read is really good for the credit score.
now, using credit karma's simulator, if I paid off ~20k I would increase my credit score of about 100 points...however, how does the fact that I got a loan for that much affect the credit score in first instance?
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