Does consolidating accounts hurt fico score
To do this, many or all of the products featured here are from our partners. There are a lot of benefits to this move, including the potential to give your credit score a boost.
If you’re not sure how consolidating your credit card debt will affect your score, take a look at the details below – the Nerds will tell you everything you need to know!
But on the other hand, you’re probably going to end up carrying a very high balance on the new card, which is not ideal.Just be sure you’ve considered all the Nerds’ points before moving forward with consolidation.For many people battling debt like credit card bills, medical bills, and student loans, debt consolidation is an effective way to reduce monthly payments, lower interest costs and ultimately get debt-free faster.In a perfect world, you shouldn’t be using more than 30% of your available credit on point in time.All this is to say that consolidating with a 0% APR card might help your credit score somewhat, but you’ll probably see bigger gains by opting for a personal loan.