oracles wrote:
Discover and BOA sent me a debt consolidation loan pre-approval. Does anyone know how this looks on your Credit Report. Does it just say loan or debt consolidation loan. Do Credit card companies or mortgage companies know that this is an debt consolidation loan when they look at your credit report. I know it is an installment loan so it would bring my score up since it would decrease my util% on my revolving. If i was to get manually review, would they know this was a debt consolidation loan that paid off my credit cards. thanks everyone
None of my debt consolidation loans have showed anything about debt consolidation.
As far as your revolving, FICO scoring looks at your revolving and your installment util seperately.
The loan itself won't help your revolving util, unless you use the loan to pay off your revolving.
Some places require you to close the accounts they are consolidating.
