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Debt consolidation refers to the process of merging multiple loans, including credit card debt into one single loan. Multiple loans come with different interest rates, loan amounts and loan tenure.
Going in for debt consolidation means you will have to make one single EMI payment instead of different EMIs for different loans. This may help you to keep track of your EMI prudently and make timely payment. However, such consolidation could result in credit score getting lowered during the initial stages but as you keep on repaying your debt on time, your credit score will slowly improve over time and help in lowering monthly payments Therefore, the key to successful debt consolidation to adhere to a specific plan to repay your debt.
Why is a good credit score important?
A good credit score ensures your creditworthiness and increases a borrower’s chances of getting potential loans approved easily by lenders.
How does a debt consolidation loan can help you improve your credit score?
Debt consolidation loan helps a borrower in converting their multiple debts into one single loan thus helping them keep track of their single consolidated EMI payment. Those who have a good credit score would find such an option even more favourable as they are likely to get a better deal through a lower rate of interest and lower processing fees. When you have opted for a debt consolidation loan, in the initial stage you may see your credit score being low.
However, If your keep paying your consolidated loan EMIs on time, it will help improve your credit payment history and credit score over time. Your credit utilisation ratio also gets reduced if you have converted your credit card dues into a single loan. Having a low credit utilisation ratio has a direct impact on the credit score, as it improves the credit score. So, a debt consolidation loan helps improve your credit score over time if timely EMI payment is done.
A debt consolidation loan converts multiple debts into a single loan.Debt consolidation can help you improve credit score if timely loan repayments done
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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