Debt Consolidation & Credit Scores

Sent: Monday, October 25, 2004 2:38 PM
---- Original Message -----
From A REAL PERSON
To: majors@oskie.com a REAL PERSON

What is your opinion on debt consolidation. I have decent credit, just high usage to limit ratios and my interest rates are so high that it makes it hard to lower the balances. Would it be beneficial to do debt consolidation or would it just lower my score since the accounts may be closed by the lender once I enroll in the programs? Are there alternatives to consolidation?

Manager, Business Development

i think you are right about the debt hurting your score
BUT
that is only if you know what your score is
if it is bad 575 or less
it really doesn't matter about consolidation
your score is bad anyway
my rule of thumb is how bad is your debt

if your debt is more than 1/3 to 1/2, your yearly income then you may be in trouble and need help BAD

alternatives would be
second mortgages or personal loans from banks not finance companies

thanks
bo majors
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