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please help asap - inquiries and consolidation


lbowman920
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I have two major questions one is that I have a credit scrore with EQ of 634 and I have some credit card and student loan debts but not much all together it is only $2,600. I was thinking of allpying with patelco because I would like to consolidate this into one payment instead of a bunch. WHich would be better for me to do - apply for a debt consolidation loan or apply for a credit card and request a big enough credit line to have all my loans and balances transferred to a cc and have one payment like this. PLease help asap.

Next question where I have been applying for several cc and loans here lately trying to consolidate my debt myself I have 47 inquires on my credit report (not all are from this there are half that are from a year ago still on there) what is the most effective way to get the inquiries off my credit report because I did not know until I recently read that inquiries hurt your credit so is there any way I can help get some of these off.

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I'm a little confused.

You say you now understand that inquiries may impact your credit scores, yet you are asking about opening new accounts. *Ahem* Applying for new accounts (even to consolidate) generates inquiries. Getting old inquiries off and putting recent ones back on is counterproductive and really kinda silly.

What are your goals? Are you trying to raise your score for some specific purpose, or purchase? You need to understand how scoring software works so that you can make good decisions. Controlling access to your credit report by limiting inquiries is always an important part of the strategy to raise scores.

Since a credit report is, in the simpliest terms, a history of how you have managed debt in the past; obviously a new account has no history. Therefore, new accounts= deductions. If you need to consolidate for some master purpose and are not planning to borrow money for the next two years, you may have the time to take the hits to your score all this activity is gonna generate. On the other hand, if you ARE planning to borrow soon, you could be shooting yourself in the foot.

Specific recommendations about which type of account to open will depend upon other accounts you already have and plan to keep. In general: all consumers need a good mix of credit, including at least one installment loan and two revolving accounts. Age, status, payment history, and utilization on revolving accounts are all factors to be considered when trying to anticipate the impact to your score.

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