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consolidating debt makes your score low?

Established Member

consolidating debt makes your score low?

if you are applying to consolidate debt is that makes your score reduce or low? i was just wonderin.
Message 1 of 7
6 REPLIES
Moderator Emeritus

Re: consolidating debt makes your score low?

What kind of debt are you consolidating? And how are you consolidating it?
Message 2 of 7
Established Member

Re: consolidating debt makes your score low?

I want to pay off all my debt but no bank company will approve my loan like personal loan they deny it because of my credit score. Im consolidating some of my credit card debt.  I dont have a mortgage and auto loan. I have loan in the bank but my husband is my co-signer. I dont know what is the other idea for getting a loan. i need advice.
Message 3 of 7
Moderator Emeritus

Re: consolidating debt makes your score low?

How much debt? What are your scores?
Message 4 of 7
Established Member

Re: consolidating debt makes your score low?

my debt is 12k merchant credit and credit cards. i have my loan in a bank its a car loan but my husband was my co signer. He got a bad credit because he file bankruptcy so Im looking forward to take care of my credit but im tired of the fees that they always charge me. Thats why Im thinking about paying them all. Im scared to try applying online and then I dont know my FICO score. I havent check it yet. help me give me advice. thanks
Message 5 of 7
Moderator Emeritus

Re: consolidating debt makes your score low?

You should never apply for credit without knowing your scores. That is your next step.
Message 6 of 7
Established Member

Re: consolidating debt makes your score low?

yeah i know that was my mistakes lessons learned. I will check it next time. i wasnt really aware of this before coz I didnt know it. Now I know how important it is.
Message 7 of 7