How does consolidating affect your credit

Should you need to cut back on expenses in other areas to afford the consolidation loan payment, be sure you’re willing to make the needed sacrifices for the entire 5-year repayment period, and be doubly sure you don’t use those cards unless you can pay them off in full each month!RATE SEARCH: Before taking out a personal loan, compare rates at Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions.With your good credit rating, let’s say you qualify for a personal loan at 10% interest.

It uses a complex mathematical algorithm to come up with a score that predicts whether you are more or less likely to default on your next loan.

Funding an emergency savings account should help you better manage unexpected expenses as they occur, but if your main problem appears to be that you’re extending your income with credit, you need a spending plan.

You need a plan that brings your expenses in line with your income and one you will commit to follow.

A credit rating is assigned by a person who looks at issues beyond your credit report before deciding how creditworthy you are.

These issues include income, job stability, your ability to use dormant credit lines and more.

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