How does consolidating affect your credit

13-Nov-2016 05:29

That too will make your score drop (b/c your increasing your balance to limit ratio).One more thing, all your debts don't have to be paid off in order for you to get a house. Best of luck and b4 you know it, you'll be unpacking in your new house.

I’ve helped thousands of Canadian families understand how to deal with large amounts of unsecured debt.And when it comes to debt, things become really murky. I’ll answer the questions I hear all the time from 4 Pillars clients including: Debt consolidation involves taking out one big loan to pay off many small loans.Debt consolidation is one of those terms that Canadians have a lot of confusion about. As the Government of Canada’s Office of Consumer Affairs (OCA) explains, “debt consolidation loan is a loan (usually from a bank) that lets you repay your debts to all your creditors at once.I don't open up the mail unless i schedule a payment...

how does consolidating affect your credit-40

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Debt consolidation is a popular (and legal) way to significantly lower your debt in Canada.

Your new big loan will be a much lower interest rate—saving you thousands of dollars over the next few years.