Is consolidating bad for your credit
Student loan consolidation can be a big help to recent graduates struggling to pay multiple student loans after leaving school.It can be a good way to simplify the payments — a new student loan for every year or semester can mean a number of different hands in your pocketbook — as well as potentially trade a variable interest rate for a fixed one.Upstart is a newer lending platform, having only been in business since 2012, and was founded by previous Google employees who wanted to disrupt predatory lending practices often found in the subprime space.Upstart offers loans of up to ,000, and borrowing terms are based on far more than just your credit score, such as your career trajectory and income.So, Pete is currently paying four different people, at four different times, with four different interest rates.
That said, don’t enter into an agreement with a company with whom you don’t feel comfortable doing business, regardless of the terms they offer.
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Paying off your credit cards with a consolidation loan can help you avoid that cycle, as well as any credit score hits from missing payments when the balance becomes unmanageable.