You can get your credit score for free on LendingTree Spring. In addition, we’ve compiled some of the best credit monitoring services that can also provide your score.
Tell us about your current debts and credit score. We’ll tell you how much money and time you can save by consolidating.
You can get your credit score for free on LendingTree Spring. In addition, we’ve compiled some of the best credit monitoring services that can also provide your score.
You can find all this information on your credit card statement or monthly loan statement for each debt you owe. These statements are typically available on your online account with your credit card company or lender.
You can consolidate personal loans or credit cards. There are two popular ways to consolidate debt:
Let’s say you have $10,000 in credit card debt. You could save up to $3,000 in interest and reduce your time in debt by 10 months when you consolidate with a loan. Using a 0% APR credit card to consolidate that same debt could help you save $1,443.
Use our calculator to determine how much you can save in your particular financial situation.
Lenders and credit card companies often charge fees to consolidate debt. Personal loan lenders charge origination fees, and credit card companies charge balance transfer fees.
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While there are many loans without origination fees, it’s less common to find a balance transfer credit card with no transfer fee. That said, balance transfer fees tend to be on the small side, so do the math to decide which option is best for you.
Yes, there are ways debt consolidation can hurt your credit, but your score may be better off in the long run.
When you take out a new loan or credit card to consolidate debt, the lender will pull your credit, which will temporarily knock a few points off your credit score.
Closing old credit cards will decrease the average age of your accounts and the amount of available credit you have — two factors that contribute to your credit score. Keep your old cards open to avoid this.
But debt consolidation could significantly boost your credit in the long run, depending on how you make payments. Consolidating debt can lower your monthly payments, making them easier to pay on time. And making on-time payments is the best way to improve your credit score.
Using a loan to pay off $1,000 in credit card debt can boost your credit score by 29 points after just one month.
Debt consolidation is a good idea if you can save money by qualifying for lower interest rates than the ones you’re currently paying. You can see rates from up to five of the nation’s largest network of lenders in minutes when you fill out a single form with the LendingTree marketplace.