How to consolidate credit card debt without hurting credit score?

lucasleva05 · #1 (**permalink**) 05-03-2010, 06:32 AM

Okay, looking for some help.

I've got about $30K in credit card debt, across several cards, I've been making the min payment for years without fail, but I'm not getting anywhere with the debt, it's staying the same because I can't afford to pay extra.

My credit history is long and solid so my score is mid 700s.

Is there anyway I could consolidate all my debt into the lowest possible monthly payment without hurting my credit score?

I don't own a home, but don't care if it takes 20 years to pay the debt off either, I just need to lower my payments.

Thanks!

BlackDiamond · #2 (**permalink**) 05-07-2010, 10:37 AM

A score in the mid 700's should get you a decent rate on a consolidation loan. I recently did one through Discover for $15K and it lowered cc payment from $500 a month at 23% interest to $287 a month at 10% interest. Discover offered larger loans. I was approved instantly. At the time, my credit score was about 760.

A friend of mine did a similar type loan a few years ago through Capitol One. His loan was for a lot more than mine, I think $25K. I'm not sure what his interest rate was.

You could also check credit unions and see what sort of loans they offer.

None of these things should really damage your credit score. The only ding you might see is from having an inquiry pulled or opening a new account. That won't hurt that much.

kellyS · #3 (**permalink**) 02-10-2012, 02:01 AM

You can check credit unions and see what sort of loans they offer.

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