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I am contemplating a debt consolidation, but would like some information before I venture down that road. One of the last nagging things that I see causing a drop in my credit score is installment loans. I currently have 3 of those (2 cars and a motorcycle). I am considering consolidating one of the cars and the motorcycle into a single loan, dropping my number of installment loans to only 2. Would this be a wise thing to do or would it simply cause more credit woes?
One last thing...the interest rate on the consolidated loan would be less than the rate for both of the vehicles I would be paying off with it, if that matters.
@Anonymous wrote:I am contemplating a debt consolidation, but would like some information before I venture down that road. One of the last nagging things that I see causing a drop in my credit score is installment loans. I currently have 3 of those (2 cars and a motorcycle). I am considering consolidating one of the cars and the motorcycle into a single loan, dropping my number of installment loans to only 2. Would this be a wise thing to do or would it simply cause more credit woes?
One last thing...the interest rate on the consolidated loan would be less than the rate for both of the vehicles I would be paying off with it, if that matters.
As far as I'm concerned, that's the only thing that matters. Paying lower interest and improving cash flow is more important than short term fluctuations in credit score.