How does consolidating affect your credit dating your college

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SEARCH RATES: If you're considering a personal loan for debt consolidation, first check out the rates at

Moving the balances of your credit card accounts into an installment loan for purposes of consolidation may cause a slight drop in your credit score.

When trying to deal with debt, consolidating your credit cards and low interest loans can help you save a lot of time and money.

Your best bet is to go with an alternative lender, especially if your credit is already less than great.As long as you are paying the new loan consistently and on time, the credit agencies see that you are taking responsibility and working to resolve your debt problems.Debt consolidation programs usually consist of a loan to pay off the sum of your other debts.Credit reporting agencies issue credit scores to all consumers based on your credit history.Lending institutions use these scores to determine your level of risk on a loan or line of credit.

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