{"id":19993,"date":"2025-05-02T11:47:06","date_gmt":"2025-05-02T17:47:06","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=19993"},"modified":"2025-05-14T15:20:09","modified_gmt":"2025-05-14T21:20:09","slug":"do-debt-consolidation-loans-hurt-your-credit","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/finance\/do-debt-consolidation-loans-hurt-your-credit.html","title":{"rendered":"Do debt consolidation loans hurt your credit?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"570\" height=\"190\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/hero-1.png\" alt=\"Man looking at a laptop\" class=\"wp-image-21144\"\/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p class=\"has-white-color has-text-color has-background has-link-color wp-elements-73f8d79726c7f0f35d06931c40cddf0c\" style=\"background-color:#1d4bb6\">Taking out a debt consolidation loan may trigger a hard credit check, which could cause your credit score to temporarily drop by a few points. However, as you make payments on time and in full, you\u2019ll likely see your credit score increase.&nbsp;<\/p>\n\n\n\n<p>Juggling multiple types of debt means you have to keep track of multiple payments each month. Missing even one of those payments can cause your credit score to drop. Using debt consolidation loans can help you roll multiple debts into a single loan, making it easier to keep track of what\u2019s due and when. But do debt consolidation loans hurt your credit?<\/p>\n\n\n\n<p>As with any new loan, debt consolidation loans can cause your credit score to drop temporarily. But that doesn\u2019t mean they\u2019re not a helpful <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/whats-the-right-way-to-pay-off-debt.html\" target=\"_blank\" rel=\"noreferrer noopener\">method to pay off your debt<\/a>.<\/p>\n\n\n\n<p>Let\u2019s take a look at how debt consolidation loans work, how you can use them to repay what you owe and how to tell if these loans are a good fit for your financial situation.<\/p>\n\n\n\n<p>In this post:<\/p>\n\n\n\n<ul>\n<li><a href=\"#whatIsDebt\">What is debt consolidation, and how does it work?&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#types\">Types of debt consolidation&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#howdebt\">How debt consolidation impacts your credit&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#alternatives\">Alternatives to debt consolidation&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#GoodIdea\">Is debt consolidation a good idea?<\/a><\/li>\n\n\n\n<li><a href=\"#faq\">Debt consolidation FAQ<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whatIsDebt\"><strong>What is debt consolidation, and how does it work?<\/strong><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/debt-consolidation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Debt consolidation<\/a> is a method of combining multiple outstanding debts into a single line of credit. For example, you can consolidate multiple credit cards or a mix of credit, such as a mortgage, a vehicle loan and medical bills, into a single new loan. Debt consolidation not only organizes your debt into a single payment but can also offer a smaller interest rate.&nbsp;<\/p>\n\n\n\n<p>Debt consolidation may be a good choice if:&nbsp;<\/p>\n\n\n\n<ol start=\"1\">\n<li>You\u2019re struggling to keep track of multiple due dates<\/li>\n\n\n\n<li>Interest rates have dropped since you took out your original debt<\/li>\n<\/ol>\n\n\n\n<p>But if you have a small amount of total debt or only have one or two loans or lines of credit to your name, debt consolidation may not be beneficial for your financial situation.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1536\" height=\"907\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/Asset-1-8-1.png\" alt=\"Common reasons to consolidate debt, including wanting fewer payments, wanting to pay debt faster and wanting to improve credit.\" class=\"wp-image-21145\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/Asset-1-8-1.png 1536w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/Asset-1-8-1-1100x650.png 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/Asset-1-8-1-768x454.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"types\"><strong>Types of debt consolidation<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>There are several <a href=\"https:\/\/www.lexingtonlaw.com\/education\/consolidate-credit-card-debt\">debt consolidation methods<\/a> to choose from. Each one carries its own benefits and risks, making it important to educate yourself on potential impacts. Here are some of the most commonly used debt consolidation options you may want to consider:<\/p>\n\n\n\n<ul>\n<li><strong>Balance transfer cards: <\/strong>A <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/what-is-balance-transfer.html\">balance transfer<\/a> card allows you to roll several debts into a single credit card, ideally with a lower interest rate. Many of these cards offer a promotional period with zero percent interest but require <a href=\"https:\/\/www.lexingtonlaw.com\/education\/good-credit-score\">good to excellent credit<\/a> to qualify.<\/li>\n\n\n\n<li><strong>Personal loans: <\/strong>These loans give you a lump sum amount that you can use to pay off multiple lines of credit or loans. Most <a href=\"https:\/\/www.lexingtonlaw.com\/education\/personal-loan-types\">personal loans<\/a> come with fixed interest rates, so you won\u2019t have to worry about payments changing unexpectedly.<strong><\/strong><\/li>\n\n\n\n<li><strong>Your 401(k) account: <\/strong>Traditional 401(k) accounts let you borrow up to half of your vested balance or up to $50,000, whichever is smaller. Before you decide <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/should-i-borrow-from-my-401k-to-pay-off-debt.html\">if you should borrow from your 401(k)<\/a>, consider how doing so may impact your retirement. You may lose out on money you would\u2019ve made if the funds had remained in the account.&nbsp;<\/li>\n\n\n\n<li><strong>Home equity loans and lines of credit: <\/strong>If you\u2019re a homeowner, you may be able to use a <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/home-equity-loan-vs-line-of-credit-2.html\">home equity loan or line of credit<\/a> to pay off your debt. Home equity loans function like personal loans, while home equity lines of credit (HELOCs) work like a credit card. Both options require using your home as collateral. This means failing to repay the debt can result in losing your home.<\/li>\n<\/ul>\n\n\n\n<p>Ultimately, the best debt consolidation option depends on your credit score and amount of debt. If you need to pay off larger amounts of debt, using personal loans, HELOCs or home equity loans may be a good choice. But if you\u2019re trying to consolidate several credit card balances, a balance transfer could save you money in the long run.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"913\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/image-3-1.png\" alt=\"A list of the pros and cons of debt consolidation\" class=\"wp-image-21146\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/image-3-1.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2025\/01\/image-3-1-768x719.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"howdebt\"><strong>How debt consolidation impacts your credit<\/strong><\/h2>\n\n\n\n<p>Exploring the pros and cons of debt consolidation can help determine if it\u2019s the appropriate financial strategy for your situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Benefits of debt consolidation<\/strong><\/h3>\n\n\n\n<p>Debt consolidation can help you:<\/p>\n\n\n\n<ul>\n<li><strong>Build a history of on-time payments:<\/strong> Making on-time payments carries the biggest weight in calculating your credit score. If you consistently meet payment due dates, your score can increase.&nbsp;<\/li>\n\n\n\n<li><strong>Lower credit utilization:<\/strong> Credit utilization, or the amount of credit owed, accounts for thirty percent of your <a href=\"https:\/\/www.myfico.com\/credit-education\/whats-in-your-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">FICO\u00ae score<\/a>. Debt consolidation may help increase the amount of available credit, which can improve your score if you don\u2019t acquire any new debt.&nbsp;<\/li>\n\n\n\n<li><strong>Access lower interest rates: <\/strong>Depending on your credit score, you may qualify for a lower interest rate when consolidating debt. This can help you pay off debt faster, reducing the amount you owe and boosting your score.&nbsp;<\/li>\n\n\n\n<li><strong>Diversify credit mix:<\/strong> The types of credit used also impact your score. For example, if credit cards are your only lines of credit, taking out a personal loan to consolidate debt diversifies your credit mix, improving your score.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Drawbacks of debt consolidation<\/strong><\/h3>\n\n\n\n<p>Conversely, debt consolidation may result in:&nbsp;<\/p>\n\n\n\n<ul>\n<li><strong>Higher interest rates: <\/strong>If you have poor credit, you may not qualify for a lower interest rate than your existing debts.<\/li>\n\n\n\n<li><strong>Extended loan terms:<\/strong> While monthly payments might be lower, a longer repayment term could result in paying more in total interest over time.<\/li>\n\n\n\n<li><strong>New fees:<\/strong> Debt consolidation loans may involve origination fees, balance transfer fees or closing costs. These upfront charges can reduce the loan&#8217;s financial benefits.<\/li>\n\n\n\n<li><strong>Credit inquiries:<\/strong> Applying for a consolidation loan results in a hard inquiry on your credit report, which can temporarily lower your credit score.<\/li>\n\n\n\n<li><strong>Closed accounts:<\/strong> If you close credit card accounts after consolidating, your credit utilization ratio might increase, which can negatively affect your credit score.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\" colspan=\"2\"><strong>The pros and cons of debt consolidation<\/strong><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>Pros<\/strong><\/td><td><strong>Cons<\/strong><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Builds a history of on-time payments Lowers your credit utilization ratio Helps you access lower interest rates Diversifies your credit mix<\/td><td>Requires a hard credit check Charges origination fees, balance transfer fees or other closing costs Extends your loan\u2019s terms Closes old accounts, which may shorten average credit age<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"alternatives\"><strong>Alternatives to debt consolidation<\/strong><\/h2>\n\n\n\n<p>If debt consolidation doesn\u2019t work for your situation, that\u2019s okay. Other debt management methods may provide needed relief. Let\u2019s take a look at some alternative <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/debt-relief.html\" target=\"_blank\" rel=\"noreferrer noopener\">debt relief options<\/a> you may want to consider:<\/p>\n\n\n\n<ul>\n<li><strong>Debt management programs:<\/strong> Debt management programs connect you with a counselor who negotiates with creditors on your behalf to score more favorable terms, such as lower interest rates.<\/li>\n\n\n\n<li><strong>Debt settlements: <\/strong>In <a href=\"https:\/\/www.lexingtonlaw.com\/education\/debt-settlement\" target=\"_blank\" rel=\"noreferrer noopener\">debt settlements<\/a>, you negotiate directly with creditors to reduce your monthly payments or interest rates. This may help you repay what you owe faster.<\/li>\n\n\n\n<li><strong>Bankruptcy: <\/strong>Bankruptcy can help when you&#8217;re overwhelmed by debt. <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/life-events\/chapter-7-bankruptcy.html\" target=\"_blank\" rel=\"noreferrer noopener\">Chapter 7<\/a> clears most debts quickly, while <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/life-events\/chapter-13-bankruptcy.html\" target=\"_blank\" rel=\"noreferrer noopener\">Chapter 13<\/a> sets up a 3 \u2013 5 year repayment plan to help you catch up. Both offer powerful tools for a fresh start. It&#8217;s best to consult with a bankruptcy attorney to find the right option for your situation.&nbsp;<\/li>\n\n\n\n<li><strong>The debt avalanche repayment method: <\/strong>The <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/debt-avalanche-method.html\" target=\"_blank\" rel=\"noreferrer noopener\">debt avalanche repayment method<\/a> encourages you to pay more than the minimum payment on the highest-interest debt first until it\u2019s paid off. You then repeat the process with the next highest-interest debt until your debts are repaid in full.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"goodidea\"><strong>Is debt consolidation a good idea?<\/strong><\/h2>\n\n\n\n<p>Debt consolidation options like personal loans and balance transfers may hurt your credit temporarily, but they can help you boost your score in the long run.<\/p>\n\n\n\n<p>Consulting with a financial advisor may give you insight into how each option will impact your financial situation. But you\u2019ll still want to know where your credit currently stands before you make your decision.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Take our <a href=\"https:\/\/www.lexingtonlaw.com\/credit-snapshot\/pi\" target=\"_blank\" rel=\"noreferrer noopener\">free credit assessment<\/a> to see your FICO score and a short summary of your credit report.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"faq\"><strong>Debt consolidation FAQ<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Does consolidating debt affect my credit?<\/strong><\/h3>\n\n\n\n<p>Consolidating your debt can impact your credit score in two ways. First, you may see a temporary drop in your credit score when the lender runs a <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/negative-items\/what-is-a-hard-inquiry.html\" target=\"_blank\" rel=\"noreferrer noopener\">hard credit inquiry<\/a> for your debt consolidation loan.&nbsp;<\/p>\n\n\n\n<p>Second, you may see your credit score improve as you pay off your old debts and start making payments on your debt consolidation loan. As long as you make those payments on time and in full, you\u2019ll stay in good standing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How long does debt consolidation stay on your credit report?<\/strong><\/h3>\n\n\n\n<p>Debt consolidation doesn\u2019t show up on your credit report, but any debt consolidation loans you take out will show up as new loans. Those loans will stay on your <a href=\"https:\/\/www.lexingtonlaw.com\/education\/what-is-a-credit-report\" target=\"_blank\" rel=\"noreferrer noopener\">credit report<\/a> while you\u2019re making payments and may show up on your report for up to 10 years after you pay them off in full.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How can I consolidate credit card debt without hurting your credit?<\/strong><\/h3>\n\n\n\n<p>Consolidating your debt may cause a temporary drop in your credit score, whether you\u2019re applying for a balance transfer credit card or a debt consolidation loan. But you may be able to minimize the impact by:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Leaving your old credit cards open after paying them off.<\/li>\n\n\n\n<li>Paying off your balance transfer or debt consolidation loan quickly.<\/li>\n\n\n\n<li>Making on-time payments on debt consolidation loans each month.<\/li>\n\n\n\n<li>Limiting the number of new credit cards or loans you apply for.<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Note:<\/em><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or empl<\/em>oyers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do debt consolidation loans hurt your credit? In most cases, the answer is no. Discover the purpose behind debt consolidation loans and how to manage them.<\/p>\n","protected":false},"author":63,"featured_media":19996,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do debt consolidation loans hurt your credit?<\/title>\n<meta name=\"description\" content=\"Do debt consolidation loans hurt your credit? In most cases, the answer is no. 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In most cases, the answer is no. 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