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How can I consolidate my credit cards without hurting my credit?

How can I consolidate my credit cards without hurting my credit? (Are there any secrets to paying off your credit cards fast without hurting your credit?)

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3 Comments for “How can I consolidate my credit cards without hurting my credit?”

1. 

   Reena

   July 4, 2010 - 1:41 pm

   Paying off the credit card debt will NEVER hurt your credit score… so… what seems to be the problem? Pay them off in full immediately and your credit score will increase dramatically within 90 days after you brought the accounts to Zero.

   It’s what the banks suggest you do before you get ready to apply for a mortgage… pay off the credit cards to get a high score fast.

   Don’t bother with consolidating… just sit down and pick the account that can be paid off the fastest and start making larger payments towards that balance. Once that account is paid off apply that money plus the minimum payment of the next card and pay that one off…. and so on.
   You will have to make minimum payments on all the other cards while you are paying the first one off and so on.

   Of course…. all the cards need to come out of your wallet and should be kept in a safe place at home. If you have issues controlling your spending…. then get a plastic dish, put the cards in it, fill it up with water and stick it in the freezer. It’s amazing how hard it is to get them out of the ice in one piece…
2. 

   Donna

   July 4, 2010 - 2:06 pm

   Unfortunately, no. This is simply how credit cards work. If you consolidate, your credit will become just as hurt, if not more, than settling your debts one at a time. I personally suggest debt settlement. My cousin settled $23k for $6,230 and only had to pay a one time fee of $725 to IDSS, check their site out, he was amazed at the results: http://www.individualizeddebtsettlementservices.com. Even if you don’t go through that site, becareful of other companies out there that are scams and be sure to weigh the pros and cons. Also, do NOT believe what the credit card companies tell you when you ask them to enroll in their consolidation program because, remember, they are in business to MAKE money, not lose it! Good luck!
3. 

   Richard

   July 4, 2010 - 2:08 pm

   You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – buildcredit.ifastnet.com

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