Does consolidating accounts hurt fico score

Rolling multiple credit card debts into a single consolidation loan has a lot of important benefits.Before discussing how it could help your credit score, let’s review the non-credit perks of consolidating credit card debt.In other words, research your options in advance to avoid potential credit damage from applying for multiple debt consolidation loans, or ask for loan quotes based on soft credit pulls, as opposed to hard inquiries.Those two factors — amounts owed and length of credit history — make up a huge chunk of your credit score.Plus, you’ll pay off several cards with big balances as part of the consolidation.

For example, one common question about the tactic is, “Does debt consolidation hurt your credit score?“The degree to which they have a negative impact depends on how many inquiries you have over a specific period of time,” says Bruce Mc Clary, spokesperson for the National Foundation for Credit Counseling.“If you only apply for one loan and you get approved and you get that loan, that inquiry is going to have a minor impact on your credit score; barely noticeable.” He adds: “But if you’re shopping around and you apply for a loan with four or five different lenders, those four or five different inquiries are going to show up in the process, and that could have a bigger negative impact on your credit report.” According to FICO, the main credit score company in the U.S., how much a hard inquiry hurts a credit score varies from person to person, and such an inquiry is more likely to hurt your credit score if you have few accounts or a minimal credit history.Just be sure you’ve considered all the Nerds’ points before moving forward with consolidation.For many people battling debt like credit card bills, medical bills, and student loans, debt consolidation is an effective way to reduce monthly payments, lower interest costs and ultimately get debt-free faster.

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