Yes, that is true. And makes the argument for scientifically attacking and eliminating your debts one by one as I explain on this podcast, with both your credit rating and debt-to-income ratios improving as each debt is erased.
If I take out a debt consolidation (D/C) loan with my bank, my credit scores will improve within the next 30-60 days ... but since the total cost of that loan with interest is greater than the sum of my outstanding debts, my debt-to-income ratio will actually worsen ... this may then complicate my ability to buy a house or ReFi my mortgage ...
Yes, that is true. And makes the argument for scientifically attacking and eliminating your debts one by one as I explain on this podcast, with both your credit rating and debt-to-income ratios improving as each debt is erased.
If I take out a debt consolidation (D/C) loan with my bank, my credit scores will improve within the next 30-60 days ... but since the total cost of that loan with interest is greater than the sum of my outstanding debts, my debt-to-income ratio will actually worsen ... this may then complicate my ability to buy a house or ReFi my mortgage ...