How does Navy Fed report Debt Consolidation Loans to Credit Bureau

[Anonymous]

Has anyone used a debt consolidation loan before? If so, how was it labeled on the credit bureau report? I spoke with Navy Fed and the loan is reported as debt consolidation loan, but I'm unsure of how it reflects on the acutal bureau credit file (consumer loan or debt consolidation loan). Having a debt consolidation loan instead of personal loan might reflect negatively.

Scenario:

DIR: 33%

4 credit cards -$36k debt

$116k yearly income

CC1: $20309/21k credit limit

CC2: $7417.75/9k credit limit

CC3: $7365.60/9K credit limit

CC4: $1725.00/2K credit limit

[Anonymous]

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@Anonymous wrote:

Has anyone used a debt consolidation loan before? If so, how was it labeled on the credit bureau report? I spoke with Navy Fed and the loan is reported as debt consolidation loan, but I'm unsure of how it reflects on the acutal bureau credit file (consumer loan or debt consolidation loan). Having a debt consolidation loan instead of personal loan might reflect negatively.

Scenario:

DIR: 33%

4 credit cards -$36k debt

$116k yearly income

CC1: $20309/21k credit limit

CC2: $7417.75/9k credit limit

CC3: $7365.60/9K credit limit

CC4: $1725.00/2K credit limit

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It will report as an installment loan....it WILL NOT report as a debt consolidation loan.