Does coslidating credit card debt into 1 personal loan dramatically effect your credit score? I was thinking of using, Prosper, Lending Tree, Best Egg, ect. Any suggestions??
It can, depending upon what the UTI was and will be, and if you already have an instalment loan or not. That may compensate for the AAoA drop of new account.
@rmduhon wrote: It can, depending upon what the UTI was and will be, and if you already have an instalment loan or not. That may compensate for the AAoA drop of new account.
Average Age of Accounts. When you add new accounts this drops because the new account is zero age wise. If the average age of accounts is high enough the drop can be negligible but if the average is low to begin with it can be a big drop in age
