Does consolidating debt affect credit

However, they may not be able to stop a wage garnishment and could cause problems down the road if you take this step before buying a house.

Debt consolidation loans are frequently bad for credit scores. The process begins with a hard inquiry and then proceeds to a new trade line. The impact on qualifications at later points in time depends on the behavior of the individual, and your definition of consolidation. In addition, debt consolidation can have three different meanings.

Keep in mind that after buying your house it is very easy to run up new revolving balances.

New homeowners often spend money on furniture, repairs, landscaping, etc.

This will also immediately improve your credit rating after the old lender reports the paid in full status.

However, this option works only if the new lender agrees to fund the loan.

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