If you currently have a 700 credit score, then you would probably be better suited for a debt consolidation loan to help with your current loan payments. A consolidation loan is one large personal loan you can use to pay off other debts. This way you only have to focus on one loan payment instead of several.
Having a 700 credit score might make getting the loan you need much easier. This would be considered a good credit score, which means you may be eligible for more loan products and better interest rates. So if you’re struggling with a lot of different types of loan and credit card payments every month, it may be time to consider a consolidation loan.
As we mentioned, a consolidation loan can be a great tool for simplifying your monthly budget. It’s much easier to focus on one loan payment rather than several. And the best part is, a 700 credit score could potentially help you to save money on your consolidation loan.
Having a good credit score means you’ll be eligible for better loans and better interest rates. And if your new consolidation loan has a better interest rate than the average rate of your other debts then you’ll save money on interest rates.
The best place to go for your consolidation loan would be a traditional bank or even a credit union. These places tend to offer good interest rates to borrowers with decent credit scores. And with a score of 700 or above, you could most likely get approved for a decent personal loan that you can use to consolidate your debts.
Just remember, your goal should be to save money and simplify your finances. That means that making on-time payments and paying off the loan in full by the due date should be a priority. This way, you can almost guarantee that you’ll be able to improve your credit score.
Credit Education & Credit Reporting