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#1
 
Old 03-01-2011, 09:33 AM
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Default Debt consolidation loans.....?
What effect does a debt consolidation loan have on your credit/scores?

For example, if a person has 20k in credit card debt and gets a 20k loan to pay it off does it have an automatic effect on your credit or does a lender have to look closely at your report to see what was done?

Keep in mind the person wants to keep the tradelines open. Can you get a debt consolidation loan and keep these accounts open?
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Old 04-03-2011, 03:39 AM
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I don't think this is going to have much of an effect. The only thing that is going to hurt your credit is debt settlement / credit counseling.
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