Does consolidating loans hurt credit

That means you can be prequalified and find out what terms you’re eligible for without taking a hit on your credit.A soft pull doesn’t affect your credit because lenders don’t see your entire credit report at that stage.Shopping around for the best deal from many of the top student loan refinancing lenders begins with a “soft” credit check, which has no affect on your score.If you find an offer you like and move forward with a full application, a hard credit check is performed.

One potential option to get organized and streamline your bills is debt consolidation.That's where debt consolidation and other financial options come in.Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.You also could look at a personal loan to pay off your balances.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.


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