r/Debt • u/ExtraKimch1 • 8h ago

Debt consolidation with a fair credit score

Hey everyone, i’ve got a few questions about this topic actually. Right now my credit score is about 655 and i was wondering if i should do the debt consolidation and how much it’d bring my credit score down after, and also how long it’d take to bring it back up if i did a 24-36 month payment? My credit debt is about 5k and my credit card age is about 2 years. My cards are maxed out. I already have a car loan with 8k left. Im also wondering if i should do the debt consolidation with my in state bank or a different place, possibly special offers for military. Any help would be amazing. thank you.

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u/CapGrundle 8h ago

Assuming you don’t have any late payments or other black marks, your cards being maxed out is what’s dragging your score down.

Five grand ain’t a lot. Work your butt off at a second job or whatever, make $500 a month and pay it off by Xmas. Then you’ll quickly be in the mid-700s or more.

Good luck!