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does debt consolidation affect your credit score negatively at any point

debt consolidation may or may not affect your score. It depends on the method you choose and how that method is reported on your CR's. If you can secure a loan on your own to pay off your debt, or a large part, that can positively effect your FICO score. If, however, you rely on a third party to take over for you, you basically relinquesh your control over your financial matters and that can negativley impact you reports. All in all, debt consolidation will definately be a more positive sign than debt management.

Sub: #1 posted on Tue, 08/05/2008 - 02:56

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