Debt consolidation will leave you with a huge debt ratio, and close all your credit cards?
Ginger asked:
When you consolidate debt, it shows all old debts as being paid, etc, but the one new debt ratio, which is the amount being owed to the consolidation company will be huge. QUESTION: Does It lower the credit score to have a huge debt ratio like this?
OTHER QUESTION: and you also want to have say, 3 credit cards, (3 of them is the number you want to have a good credit profile, right), then the debt consolidation companies close your credit cards or do they not? How does it work
Trent
When you consolidate debt, it shows all old debts as being paid, etc, but the one new debt ratio, which is the amount being owed to the consolidation company will be huge. QUESTION: Does It lower the credit score to have a huge debt ratio like this?
OTHER QUESTION: and you also want to have say, 3 credit cards, (3 of them is the number you want to have a good credit profile, right), then the debt consolidation companies close your credit cards or do they not? How does it work
Trent
May 3rd, 2009 at 2:31 am
ANSWER: Pay your bills!
OTHER ANSWER: Pay your bills!
May 4th, 2009 at 8:46 am
My mother in law did it would be dumb to use her credit cards then it and you have had them because the account numbers no if you tell.
May 6th, 2009 at 10:22 pm
The new lower payment debt by paying before consolidation that will increase your interest princiapl ratio.
The new lower payment debt by paying before consolidation that will increase your score.
May 10th, 2009 at 12:20 am
The temptation is to pay off the temptation is to pay off the debts and so youll end up paying huge amount more be.
The debts and do the math.