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Does consolidating debt hurt your credit score

In fact, to credit agencies, paying off several accounts with the consolidation loan makes it seem as if you have paid off accounts.The debt consolidation loan appears as a new credit account, but accounts paid in full are always positive.She earned her Bachelor of Science degree in marketing and multinational business from Florida State University and a Master of Business Administration from Nova Southeastern University.Her work has appeared online at Bill Savings, Money Smart Life and Mortgage Loan.In repaying your new debt consolidation loan, it is important to make consistent, on time payments.This step also positively affects your credit score, but it does take time.As long as you are paying the new loan consistently and on time, the credit agencies see that you are taking responsibility and working to resolve your debt problems.Debt consolidation programs usually consist of a loan to pay off the sum of your other debts.

Taking out a new loan to pay off other loans does add one more loan to your credit history, but it also removes the older loans and marks them as paid in full.

Taking out a debt consolidation loan can affect your credit score.

A debt consolidation loan affects your credit score in a positive way.

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  1. Does debt consolidation hurt your credit score? Find out the impact that consolidating your debt can have on your credit score.

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