Does consolidating debt affect your credit

Home mortgage, auto loans, insurance rates, and even employment interviews all depend on your credit score.

Interest Rates for many of these are greatly impacted on your credit score as well.

Carrying a lot of debt, especially high credit card debt hurts your credit score and your ability to get approved for new credit cards and loans.

For now, you might be wondering: Do student loans affect my credit score?

FICO, which issues the most popular credit score, treats installment loans differently than revolving debt like credit cards.

With revolving credit, balances tend to go up and down over time.

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.

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