Does consolidating debt hurt your credit Horney chat rooms

Posted by / 05-May-2020 12:47

Does consolidating debt hurt your credit

While this can work it is extremely important that you find a credit card that has a lower interest rate and affordable balance transfer fees.

A balance transfer is almost never free so if the fees associated with it are high, it might not be worth it.

So it’s important to note that your creditors may report that you’ve missed a payment on your credit reports in the first month your plan starts.Those are the two biggest factors in determining your credit score.So many times, your score goes up as your debt goes down.But you’ll also be given an R7 credit rating that will last for the following 3 years.An R7 credit rating will show up on your report as “making regular payments through a special arrangement to settle your debts”.

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