Does consolidating accounts hurt fico score

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Consolidating your debt can lower your monthly payments, but it can also cause a temporary dip in your credit score. See how your score might change Before you take action, use our credit score simulator to see how financial decisions may impact your score.

Does consolidating accounts hurt fico score


You can pay off delinquent debts. The simplicity of that single payment is enticing to many who have debt issues. As a result, you may be more likely to make on-time payments, which will improve your credit score.

Does consolidating accounts hurt fico score

Does consolidating accounts hurt fico score

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2 thoughts on “Does consolidating accounts hurt fico score”

  1. Being prequalified for a loan does not mean you will be approved once you submit an application, or that you will receive a loan on the terms you were prequalified for. Taking out a debt consolidation loan can affect your credit score.

    This will cause your credit score to dip a bit, as new credit inquiries account for about 10 percent of your FICO credit score.

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