I recently took a $10,000 personal loan for consolidation of my debt out at a credit union. I’ve heard getting a debt consolidation loan can hurt your credit because it basically says you can’t handle your debt and your closing accounts. They had me sign letters to each credit card saying that I cut up my card and to close my account. Is this going to infact hurt my credit? If so, how much should I expect?

I recently took a $10,000 personal loan for consolidation of my debt out at a credit union. I’ve heard getting a debt consolidation loan can hurt your credit because it basically says you can’t handle your debt and your closing accounts. They had me sign letters to each credit card saying that I cut up my card and to close my account. Is this going to infact hurt my credit? If so, how much should I expect?

Can adding a family member with no credit history to your already established credit card impact your credit score? Would it help establish any credit for the family member?

There are good people in this world but some of us have been hit real hard by life. Even though their credit isn’t real bad but not real good either they are still good people just looking for a break but yet the landlord will not give you the apartment because of your credit. Dosen’t our personallity play a part also along with referrals. If all of us had excellent credit would we be renting?

I’ve been trying to find someone to give me and my husband a loan, but we don’t have the best credit. I was wondering if anyone knew of any place out there that may give us one and please don’t say payday loads because we can’t get those in the state that we live in. Thanks so much!

When you go to a mortgage broker to get pre-approved for a certain home loan amount, how much does that lower your credit score? I mean, is it like 3 pts or like 50 or more? And then when you actually get the loan, does it drop again?

My family is planning on filing for bankruptcy in order to start over fresh and pay for the rest of my schooling. However, as most of you know, it wipes out ALL your credit. How long will it take to earn back most, if not all, of our 20+ years of credit?

Thanks,
Amelia
We’re filing for Chapter 11, Bob.
Which does wipe the slate clean…if we qualify, that is.

When a negative item in your credit report is settled because you paid it off, how greatly does your credit increase as compared to if if still not settle and in collection? Can the “account settled” be completely removed from the report?

Is it better to pay off the debt in full or settle for less? How significant is this to determine the FICO score (settle in full or settle for less?) Please help, thank you.

Like if you opened a credit card account in 1996, then stopped paying on it in six months. Is it supposed to be erased in 7 years? Or, does it stay on your credit report if bought by another financial institution?

On EBay, when you’re selling an item, how can you get the money if you’re using a credit card? Does the buyer need your number? Because I wouldn’t want a stranger to know my credit card number. How does this work?