And the fact that many people do just that is why the action will temporarily cut your rating.
For the record, and for those who don't know the difference, a credit rating and a credit score are 2 different things.
If you need help getting out of debt, you are not alone.
Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.
Malloy, is credited with helping to craft the merger that created CSCU in the first place.The principal reason is you will have a new inquiry and huge installment loan appear on your credit report, even though you also will have much lower debt-to-credit ratios on your credit cards.The potential underwriting risk that you present to a new lender is measured in conjunction with your credit score and will now have to incorporate that you have the chance to begin adding to your credit card balances again.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.