Is it true you can\’t get any credit after debt consolidation until debt consolidation is over?
E G asked:
Create a video blog
Create a video blog
@ July 4, 2008
Debt consolidation is not a bad thing. It shows creditors you are trying to straighten out your finances.
Getting new credit should not be a problem but if you have had too much to pay in the past, why try and get more?
No is not true. My husband made the mistake of opening like 20 different accounts that included major department stores and credit cards. After he realized it was hard to make monthly payments on all accounts, he decided to consolidate. It took him easily 5 years to finish paying all the money. His monthely payment after consolidation was very low though, that’s why it took him for ever. Anyway, after paying off the whole thing, he checked his credit score, and saw it wasn’t very high, so he started building credit back again, and he started opening a few accounts, and to our surprise, they increased his credit in the few accounts that he opened. So, now he has a few open accounts, ( which the companys did give him credit ) that he can afford to pay, and it’s just to build up his credit score again.
very intereting question.Suggest you have a look here for useful tips.http://debt-consolidation.featured-resources.info/calculator-california-consolidation-debt-loan-mortgage.html