How does debt consolidation affect your credit score?

How does debt consolidation affect your credit score?

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When you apply for debt consolidation, it means that you have several loans to pay and that you want to combine them to make the payments easier. The way the consolidation affects your credit score depends on the options that you choose. When you opt for a credit card or a loan, you are applying for new credit. This means that your credit score and history would be checked. To an extent, your score will dip for some time. However, if you have been a diligent and careful spender and simply want to combine your loans for ease of payment, your score will not be hurt.

For the best debt consolidation plan, you must get in touch with Maybank as it offers a good plan that will work in your interest.

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