Debt Consolidation through Pentagon Federal Credit Union?
I want to consolidate two bills that equal the amount of 2200. Furniture Bill and a Macys Card,. I will be going through Pentagon Federal Credit Union. Will this look bad on my credit report?
The Macys Card is on my Credit Report. Its a revolving account, so will it say closed, 0 balance, or bankrupt!!
Thanks!!
both my accounts are in goodstanding..i just want less bills……
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When you consolidate the credit union will usually send the total amount to the creditor that is due. You will then owe the Credit Union and will only be paying them for the consolidation loan. That new loan will now appear on your credit report. It is usually your responsibility to close the other accounts once they are paid with the loan. It will then say Closed on your Credit Report with 0 Balance.
You are getting a loan to pay off the two accounts, right? What is the interest rate? What are the payments going to be?
If this Credit Union is giving you a good rate and you are going to be able to pay off the loans in full, you will not only be better off, but your credit rating will increase as you make regular payments on the loan.
What does matter is if you were late or in default on the payments to the other companies.
I think you are getting a pretty fair deal based on the information you have given. Is your income military related? That seems to be of some help too. Good for you and thanks.
consolidation company’s don’t do anything, but take your money and bank it for you until your amount is paid…
they’ll tell you they can get your debt cut in half for you. but, you can do the same thing by contacting the companies you owe yourself.
if you are in default of either, consolidation doesn’t stop anything from happening to you. civil suit judgments or harassing phone calls can and will continue.
it will only say closed if you paid the card in full. in good standing.