FAQ
Frequently Asked Questions
Loan Rejected Loan Rejection Reasons Reason for Loan Rejection Loan Decline I Need a Loan but Keep Getting Declined
Why was my loan request denied?
Several factors could lead to the denial of your loan application:
• Poor credit scores,
• Insufficient income
• A high debt-to-income ratio
• The absence of crucial documents or information
What do I do in case the bank rejects my advance application?
Not getting the endorsement for a much-needed advance isn't fun, but counselling an advanced organization in Malaysia like loan-agency.com can offer assistance. We distinguish why your credit application was rejected and will make the essential corrections to move forward your chances of endorsement.
I Keep Getting Denied for Loans Loan Denied Loan Application Rejected Reasons for Rejection of Loan Application Declined Loan Application
Is there a deposit required?
There are no straightforward refining fees, stamp tax or legal fees. There's no forthright preparing charge, stamp obligation, lawful expense or anything like that. In case any of our expert is inquiring about any instalment from you forthright, it would be ideal if you do illuminate our loan-agency.com administration. We would report him/her to the police with you, and bring equity to the casualties.
Why does Loan-Agency.com not demand an advance payment?
This happened because there are numerous loan scammers out there today that trick you into paying a loan processing charge. There is no hidden fee since loan-agency.com wants to make sure you apply for your loan with us in peace and comfort. However, we never charge anything for our services. You have no obligation to pay us till you are reimbursed for your bank loan.
At that point when would Loan-Agency.com begin to gather charges?
Loan-agency.com would as it were get paid after the bank dispenses the monies to your bank account. Prior to that, you simply would not be inquired for a single cent.
Why Loan-Agency.com would not be inquiring about any repayment?
Loan-agency.com does not ask for repayment for 2 reasons. Initially, too numerous loan stings out there cheat you by asking for repayment. Loan-agency.com decided not to take any repayment as we want you to feel safe and relieved while we working on your bank loan; Secondly, loan-agency.com understands your pain as we wouldn't want any outspoken figure or repayment that would further increase your formerly heavy burden. Therefore, loan-agency.com has decided to only charge our figure after your loan disbursement.
How does Loan-Agency.com generate revenue?
Loan-agency.com makes revenue by successfully assisting consumers in obtaining bank loans. In the event that your bank loan is unsuccessful, loan-agency.com will not be compensated. loan-agency.com is therefore fully invested in this endeavor with you because, as we all know, payment is only due if the bank loan is successful.
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How much is Loan-Agency.com meeting charge and how is it calculated?
Our personal advance meeting charge would drop between 10% to 30% of the full credit sum. For case, in case you connected for a add up to individual credit of RM50,000 with us, the meeting charge would drop between RM5,000 to RM15,000.
On the other hand, the interview charge for a contract or renegotiated advance ranges between 3% to 7%. In case you connected for an add-up to the contract or renegotiated advance of RM300,000, the interview charge would drop between RM9,000 to RM21,000.
How long I could get my loan?
Every loan candidate wants to get their loan approved and expended in the shortest time. But to have the mentioned done, the candidate has to misbehave to a relatively comprehensive facto like your fiscal background, loan credibility, and timely collaboration in submitting the needed documents.
For a particular loan, and with good furnishing of documents needed by the bank standard, you would get your loan approved and expended in 14 days. ( To know more in detail, please click the below link)
Whereas for a Mortgage/ Refinance Loan, with good furnishing of documents that fit the bank standard, you would awaiting your loan approved in 7 working days, and your loan expended in 3- 8 months.(( To know more in detail, please click the below link)
As the Loan Scammer knows exactly what the loan aspirants supposed, so frequently they would use( INSTANT) cash disbursement from the bank as the bait to make you fall into their trap. But you may need to know, that there's no bank that would do 1- 2 days of blessing and disbursement if you are going through the functionary and formal procedure of loan operation. Please don't lose your head because of despair.
Which bank would Loan-Agency.com go through?
The most presence of banks is to form cash, and all the diverse banks have their claim craving of what kind of advances and candidates they support.
In this manner, loan-agency.com wouldn't be submitting your application to all the banks. Since it looks frantic to them as all the bank frameworks would be showing you applying for numerous advances when we yield your credit to all the banks. It is unsafe.
Fair envision, the event that your companion is inquiring you for cash, but you find out afterwards that he is inquiring about cash from all his companions and relatives. What would you be considering?
When one bank found out you yield the application to all the banks, you as of now had their consideration, and in this way, they would be additional cautious along with your credit application.
In this way, loan-agency.com would continuously begin with getting your credit objective, hence check your budgetary foundation and advance qualification from the bank. Then as it were we would begin strategising by submitting your credit application to the bank that best suits your objective and provides you the most excellent edge of back. We guarantee an idiot preparation to make a difference you securing your credit.
What's the interest like?
Bank interest varies according to the bank's demand strategy and market trend. They would all be giving diverse loan packages in different loan products to their aspirants( and occasionally too subject to guests' profiles). We could not give you the accurate figures each bank is offering, but you could follow the range of interest of the common loan products below
Particular Loan 4.88-12
Mortgage Loan 3.3-4.6
Business Loan 4-9.9
Streamlined Dec 2020
Please Note Bank interest moment changes based on the base rate are determined by Bank Negara Malaysia( BNM). Our base rate would be directly affected by the Overnight Policy Rate( OPR) which changes depending on the current state of global frugality and its objectives. To know further about Base Rate( BR) click then)
Will you be supportive if I as of now have the taking after issues like [Rejected by numerous banks], [Insolvency], [AKPK], [My house on the way getting LELONG], [Boycotted issue]?
Loan-agency.com had situated ourselves to practice in Rejected Credits. However numerous individuals got their credit rejected without knowing why they were rejected. As we accept numerous investors couldn't be bothered (or a few financiers do not indeed know themselves) to reveal the genuine circumstances to the rejected candidates. What's more to clarify them in points of interest?
The larger part of the financiers would as it was be telling you your advance application fizzled and you wouldn't get an advance when the over said issue has been told to them. The reason they would tell you off and dismiss you verbally sometimes recently get to to your profile and records is because they would select to work on the great profile clients. In this way, they might get their deal target accomplished and collect their commissions more proficiently.
In this way, clients who come to loan-agency.com regularly are uninformed of reasons why their advance was rejected or wasn't given the arrangement for their issues when they knew it.
In case you're encountering over-specified issues, if you don't mind enquire about your bank advance qualification with us. As we know there are continuously these few reasons and issues as to why advances were rejected.
There isn't any enchantment trap loan-agency.com should assist you in securing your credit. To us, each issue has its reason, and to unravel them we must discover the source of the issue and make a defence. At that point in no time, we would certainly recapture the get to to bank advances.
Lastly, if you don't mind keep in mind not to feel crushed if you're having over-specified issues and think you'd not get bank credits until the end of time.
Loan-agency.com would be happy to be of your help.
I Need a Loan but Keep Getting Denied Bank Loan Declined I Keep Getting Denied for a Loan Loan Rejected When Can I Apply Again Loan Was Declined
How often can I refinance my loan?
There is no statutory restriction on how frequently you may do so with a mortgage. However, there are a few refinancing conditions that you must meet each time you submit an application to the mortgage provider.
Is it preferable to use the same refinancing agency while refinancing?
Not always. Maintaining a connection with your existing refinancing company may result in better rates, but it is not a guarantee. The best ways to establish your mortgage rate are to speak with many refinancing brokers or take into account various home loan refinancing lenders, including banks, mortgage brokers, and private lenders.
What is the best way to obtain refinancing loan rates?
To find out the true rate for your house and to make sure you receive the greatest offer, try to chat with at least three refinancing companies.
I Need a Loan but Keep Getting Denied Bank Loan Declined I Keep Getting Denied for a Loan Loan Rejected When Can I Apply Again Loan Was Declined
Mortgage brokers: Who are they?
A mortgage broker assists borrowers in locating a lender that best suits their financial requirements in terms of terms and pricing.
How to choose a mortgage broker is as follows:
• Make sure you comprehend the role of a mortgage broker.
• Request recommendations from friends, family members, and professional contacts.
• Look at online reviews to see if there are any concerns.
• Enquire about the experience, services, and costs of a mortgage specialist.
What could be a mortgage loan?
A mortgage loan is utilized to buy or keep up a domestic, arrive, or other sorts of genuine estate. A borrower must guarantee that they meet the prerequisites for a contract credit, counting the least credit scores and down instalments.
What will I be inquired about during a mortgage consultation?
During a mortgage discussion, the lender would require you to sustain if you can go through the mortgage disbursements. thus, they will ask you about your income and charges.
They're also probable to ask about payable and proceeding payments, including credit card and loan balances.
What distinguishes a mortgage loan from a loan for a house?
You can use a home loan to get money to renovate, build, or purchase a house. Mortgage loans, on the other hand, don't place any limitations on how the borrower can use the loan's principal.
Does refinancing my mortgage advance impact my credit?
Once you renegotiate your mortgage loan, your credit score will decline temporarily. Usually, since you're taking on a new credit and have not demonstrated your capacity to repay it.
In any case, your credit score will return to where it was in a couple of months, as long as you make your instalments on time.
Loan Rejected Denied for a Loan Applying for a Loan After Being Declined Reasons Loan Applications Are Rejected If I Get Rejected for a Loan
Can I safeguard a particular loan if I do not possess a payslip and have a low payment?
Yes, it's achievable to gain a particular loan indeed without a payslip and with a lower payment.
nonetheless, protecting approval might be more burdensome, and you may need to present other documents to corroborate your income.
You can also explore fiscal institutions that offer particular loans without demanding a payslip, similar to online lenders.
But, it's consequential to allow that they might charge more advanced interest rates than traditional ones.
What's the difference between the loan amount I'm eligible for with typical income verification and without a payslip?
Without a payslip, you might be eligible for a smaller loan than you would be if you provided regular income verification. This is because banks perceive a higher amount of risk when making a loan when there is no actual proof, such as a pay stub.
To provide the bank with a clearer image of your income stability and possibly increase the loan amount they are ready to extend, you should provide traditional income verification.
Are there any risks of getting a personal loan without a payslip?
Yes, there are a few dangers of getting a personal loan without a payslip, including:
•Higher interest rates.
• Shorter reimbursement terms.
• More rigid qualification prerequisites.
• Expanded chances of defaulting on the credit.
Is obtaining a personal loan possible without providing a bank statement?
It is indeed feasible. In Malaysia, a variety of banks provide personal loans without requiring bank statements, including:
• Alliance Bank's Cash First
• AmBank's AmMoneyLine Facility-i
How can I influence my bank to endorse an individual advance without giving bank articulations?
To persuade your bank to allow an individual advance without bank explanations, consider the taking after procedures:
• Straightforwardly Talk about Your Monetary Circumstance
Be straightforward about your reasons for requiring the advance and how you expect to use it. This clarity can offer assistance to the bank get it your budgetary needs and evaluate your application.
• Be Prepared to Arrange
On the off chance that there's beginning hesitance from the bank, be willing to talk about the loan's terms, just like the interest rate or reimbursement length, to reach a commonly pleasing arrangement.
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When applying for a particular loan without a bank account, how recent must the indispensable evidence exist?
When about a particular loan without a bank statement, it's pivotal to supply recent and over-to-date elective confirmation.
For illustration, a clone of your most recent 1- month's payslip should reflect your current earnings, and your BE/ EPF statement shouldn't be longer than 12 months.
Why might a bank decrease a personal loan application without CCRIS?
Banks have strict rules and controls when considering credit applications, and CCRIS reports are fundamental figures in surveying creditworthiness.
There are a few reasons why a bank may decrease a personal loan application without a CCRIS report, including:
• Lack of Credit History
CCRIS reports give a comprehensive record of an individual's credit history, including their instalment designs, extraordinary obligations, and credit usage proportion. Without this data, the bank may not have sufficient information to assess the applicant's creditworthiness.
• Inadequately Pay
Banks regularly require borrowers to illustrate a steady source of wage to benefit their credits.
Without a CCRIS report, the bank may not have adequate data to decide the applicant's wage level or financial steadiness.
·High Debt-to-Income Proportion
CCRIS reports show the borrower's current obligation commitments and their capacity to reimburse unused obligations.
Without it, the bank may see the candidate as having a debt-to-income proportion, expanding the probability of default.
How can I judge my personal loan eligibility without influencing my CCRIS report?
One way to decide your personal loan eligibility without affecting your CCRIS is by getting prequalified.
Prequalification enables banks to impose your loan eligibility in passage, allowing you to estimate the loan quantum you could be approved for all while assuring that your credit remains innocent.
Is a personal loan available to me without a CCRIS score?
It is possible to obtain a personal loan without having your credit checked.
The loan's terms and conditions, however, might not be as attractive as those extended to people with good credit scores.
How can I secure endorsement for a bigger individual credit, particularly when managing with an individual credit for tall commitment, whereas assembly the lender's criteria?
To secure a bigger individual advance, particularly if you have many financial commitments, you must demonstrate that you can oversee extra obligations dependably.
Here are three ways to improve your qualifications:
• Move forward Your Credit Score
Exhibit responsible monetary administration by paying bills on time and diminishing existing obligations to preserve an ideal credit score.
• Diminish Your Debt-to-Income Proportion
Limiting your existing obligations brings down your debt-to-income proportion, hence displaying your capacity to handle more obligations.
• Have an Advance Reimbursement Arrange
Layout a nitty gritty reimbursement procedure to demonstrate how you arrange to oversee the bigger credit near your existing commitments.
I Keep Getting Denied for Loans Loan Denied Loan Application Rejected Reasons for Rejection of Loan Application Declined Loan Application
Nevertheless, what procurators should I bear in mind before pacing with the operation?
If I'm seeking a personal loan for high devotion circumstances. When esteeming a personal loan for high devotion situations, there are several procurators you should take into account before applying, such as
• Your Debt cargo
estimate your current fiscal scores, involving loans, to figure out your common debt cargo.
• Your Prepayment Capacity
Analyse your profit stability and yearly cash inflow to determine your capability to make loan disbursements comfortably.
• Your Future Financial pretensions
Call how the loan fits into your long-tenure fiscal plans and whether it supports or hinders your pretensions.
• When applying for a particular loan for high devotion situations, what procurators will impact my loan eligibility?
When it comes to particular loans for high devotion individualities, there are several procurators that banks call when assessing your eligibility, involving
• Your earnings
Fiscal institutions generally bear evidence of employment or other sources of profit to charge your capability to go the loan. Also, banks categorise inflows grounded on their nature, similar to fixed introductory pay envelopes or commission-grounded earnings, when laying an existent's creditworthiness.
• The CTOS Report
Your CTOS score is very important for loan approval. A score below 640 is typically perceived negatively and may result in application rejections.
Furthermore, the bank will carefully review your CCRIS repayment history. Repayments made on time increase your eligibility, whereas missed payments or defaults can cause concern among potential lenders.
It's also important to keep in mind that banks will check trade references to see whether you have any unpaid balances.
For instance, you can be classified as high-risk if you have an outstanding balance with a trade reference (like Maxis) that exceeds RM1,500.
•Background of Your Employer
When granting personal loan amounts, the bank may also be swayed by the standing and financial health of your employment.
Consider two people who both make RM 5,000 per month. If one works for a well-known, long-standing company and the other for a smaller, less well-known one, the former will be viewed as better than banks.
This is owing to the fact that, even with comparable salaries, the candidate affiliated with a well-known company is probably thought of as a safer option due to the employer's stability and good reputation.
How can I get a personal loan on the off chance that I have been boycotted?
In case you have got been boycotted, getting individual credit can be challenging but not impossible. Here are many steps you'll be able to take:
• Check Your Credit Report
Get a duplicate of your credit report from the credit bureaus to get the degree of the boycotting and recognize any blunders or inconsistencies.
• Make strides Your Credit Score
Take measures to superior your credit score by paying off extraordinary obligations, making opportune installments, and decreasing your general debt-to-income proportion.
• Give Collateral or A Co-Signer (Family Part)
Offering collateral or having a trusted person act as an underwriter increases your chances of getting individual credit because it gives extra security for the moneylender.
What's the staying period to reapply for a personal loan for blacklisted individualities in Malaysia?
Generally, for blacklisted individuals, the primary concern of banks or other lenders is credit threat.
This means that a person who has preliminarily defaulted on loan payments represents an advanced threat of dereliction in the future.
Thus, similar individualities must demonstrate a harmonious record of forming immediate payments before applying for a new loan.
If somebody is on a blacklist, may they get a personal loan?
Although it is more difficult for those on the blacklist to get personal loans, it is nonetheless doable.
Some lenders focus only on giving loans to those with bad credit histories. They might also take into account other things including your ability to repay loans, your ability to make ends meet now, and your income stability.
Can a negative credit personal loan affect my credit score?
Getting a personal loan with weak credit can have both positive and negative effects on your credit score.
Initially, the rigorous investigation made by the lender when you apply for the loan may cause a little decline in your credit score.
However, timely payments and prudent loan management will raise your credit score over time and demonstrate to lenders your growing creditworthiness.
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Can I use a bad credit personal loan to get a cash advance to settle my debt?
Yes, getting a personal loan with bad credit to pay off your debt is a possibility, but there are some crucial factors to take into account.
• Interesting Rates
Individual loans for those with poor credit frequently attract higher interest rates. It would be wise to evaluate the projected rates with the current rates of your present commitments before recently taking out such a loan.
• Fees
Origination fees are levied by some lenders, which could raise the cost of your loan. When contrasting various loan possibilities, be sure to comprehend all involved costs and take them into account.
• Term of Loan
The length or term of the loan may also have an impact on how much you ultimately pay. Smaller monthly payments may result from a longer term, but the overall amount of interest owed over the course of the loan could be higher.
Why is it difficult to get a personal loan with bad credit?
Credit history is frequently seen by lenders as an indicator of a borrower's capacity for repayment.
The chance of payment failures increases if you have poor credit, thus lenders are less likely to approve your loan application.
Can self-employed people and freelancers apply for personal loans for the self employed?
Unfortunately, banks rarely approve personal loan applications from self-employed people, including freelancers and workers in the gig economy (like Grab drivers).
I don't have a co-applicant; can I still get a personal loan for the self-employed?
Without a co-applicant, a self-employed person can obtain a personal loan. The loan terms and eligibility requirements, however, are determined by the lender and your financial status.
Can I only get a personal loan for the self-employed if my credit is good?
In comparison to people with average or poor credit scores, having good credit increases your chances of getting a personal loan with advantageous terms and a low-interest rate.
It's crucial to keep in mind that each lender has their standards, so even with good credit, there is no assurance that you will get the best rate.
I Need a Loan but Keep Getting Denied Bank Loan Declined I Keep Getting Denied for a Loan Loan Rejected When Can I Apply Again Loan Was Declined
In Malaysia, does AKPK provide personal loans?
No, personal loans are not available from AKPK. It is a nonprofit agency that offers debt management and financial coaching to persons who are having financial difficulties.
You can speak with banks or other authorised financial institutions to learn more about their loan options if you're seeking for a personal loan.
If I'm enrolled in AKPK, how do I apply for a personal loan?
You cannot submit an application for a personal loan if you are currently enrolled in AKPK. As an alternative, you would have to find money elsewhere to pay off your outstanding bills first.
After paying off your debts, you can apply for a personal loan with loan-agency.com' assistance. Your application will be carefully examined, and we'll offer useful advice to increase your chances of getting a loan.
What paperwork must I provide if I enlist in AKPK in order to apply for a personal loan?
You will need to provide a copy of your NRIC and evidence of your income if you want to apply for a personal loan for AKPK enrollees.
For self-employed people, on the other hand, you must produce a statutory statement of your income, your most recent CCRIS report, and any relevant legal documents (if any).
What kinds of questions should I expect from the bank when applying for a personal loan?
Among the often-asked questions by banks and other financial institutions are:
• Are you able to provide any collateral to secure the loan?
• Do you have the financial means to make the required loan payments?
• What is your repayment strategy for the loan?
• What is the loan's intended purpose?
• How is your credit history?
• What amount of funding is required?
What is the maximum loan amount I can request for in Malaysia?
In general, the maximum amount that can be borrowed is between RM200,000 and RM250,000. It can, however, differ depending on the lender and the borrower's financial situation.
Some lenders may even provide bigger amounts to people with good credit and a high salary.
What are the potential hazards of taking out a personal loan?
Personal loans can have a number of dangers that consumers should be aware of. High loan rates, prepayment penalties, and origination fees are among the concerns.
Furthermore, the inability to pay on time or defaulting on the loan might harm the borrower's credit score.
Loan Rejected Denied for a Loan Applying for a Loan After Being Declined Reasons Loan Applications Are Rejected If I Get Rejected for a Loan
In Malaysia, how many rapid personal loans are available?
Personal loans that do not require a credit check, payday loans, and car loans are the most quickly authorised in Malaysia. Because they have few qualifications, these personal loans are ideal for persons with terrible credit.
How can I get a personal loan approved quickly in Malaysia?
Here are five documents you should have ready in order to have your personal loan application accepted quickly:
• Your identity evidence (e.g., Malaysian Identity Card)
• Your most recent EA or BE form (along with an authentic tax receipt)
• Your most recent three months' pay stubs and bank statements
• Your most recent six months' EPF statement
How can I find out if my salary qualifies for a personal loan in Malaysia?
All Malaysian nationals aged 21 to 60, with a monthly salary of RM3,500 or more, are eligible to apply for a personal loan in Malaysia.
Is income verification required for all Malaysian personal loans?
Yes, you must provide proof of income to your lender in order for them to certify your ability to repay your debt.
Will emergency loans harm my credit?
Emergency loans, like any other loan, have an impact on your credit rating. When you pay back the loan in accordance with the terms, your credit rating increases.
However, if you do not repay your debt, your credit rating falls.
How long does it take to get a fast loan authorised?
Online lenders typically pay out within 24 hours or a few days.
Traditional lenders, such as banks, may take longer to approve and distribute your loan.
Loan Rejected Loan Rejection Reasons Reason for Loan Rejection Loan Decline I Need a Loan but Keep Getting Declined
What exactly is loan processing?
Loan processing is the process of examining a loan application to ensure that the borrower has given all required paperwork and that all information is correct.
A loan officer or loan originator is responsible for assisting you in selecting the appropriate form of mortgage when you take out a mortgage.
How do the loan processing services at Loan-Agency.com work?
Our loan processing outsourcing services enable a smooth loan application process.
We represent our customers and act in their best interests in order to assist them in obtaining the loans and funding they require from their preferred banks or financial institutions.
What are the three processes involved in the loan application process?
• Implementation During the application step, a loan officer will work directly with you to acquire all of the information required to prequalify your loan request.
• The Underwriting Procedure You will work directly with the underwriter assigned to your loan during the underwriting step. To verify accuracy and creditworthiness, the underwriter analyses and analyses papers presented during the application procedure.
• Loan Closing A loan closing specialist will schedule a call with all parties engaged in the loan (the borrower, the bank panel solicitor, and the bank) at the closing.
This is to go over the closing checklist, which includes all of the papers needed to approve your loan. Your loan closing professional will next review all of the documents and continue to the last stage of closing.
How long does it take to get a loan approved in Malaysia?
Buyers can expect to receive verbal permission from the bank within two or three days, and final approval within a week. The bank will initially perform a simple check on the buyer's CCRIS to determine whether or not their income is sufficient to sustain the loan.
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Is it possible to modify a mortgage without refinancing?
When a debtor is unable to repay their loan, they may apply for debt restructuring with AKPK or request that their creditor restructure their loan. For example, the creditor might shorten the payment period. Changes to your loan would be reflected in your CTOS report using one of the techniques listed above. However, the AKPK technique has numerous limitations.
Individuals participating in AKPK's Debt Management Programme will have limited access to their credit lines, such as credit cards. Furthermore, by participating in the programme, their credit score would fall into the 'Poor' category, which ranges from 300 to 528.
Furthermore, because your CTOS report will reveal your AKPK status, you may have difficulty applying for loans even after you have completed the training.
This is especially true if you are attempting to apply for a new loan from the same bank with which you restructured your loan within 7 years of finishing the debt management plan.
Banks are more likely to approve your new loan application if you have a regular income, a modest loan margin (80% or less), or if you can demonstrate your wealth (e.g. fixed deposit, real estate, etc.).
As a result, we recommend either refinancing or debt consolidation. You can benefit from reduced interest rates, more cash on hand, and faster loan approval and disbursement.
Is there a distinction between debt restructuring and debt refinancing?
Debt restructuring is employed when a borrower's financial situation is so dire that timely repayment of a debt is impossible.
In debt refinancing, on the other hand, a borrower applies for a new loan with better terms than the prior one.
Is debt consolidation beneficial?
If you are unable to make your payments, debt restructuring is a viable option. However, it will be determined by your total financial status as well as the debt restructuring choices provided by your lender.
To determine what is best for you, consider your other alternatives first, such as debt consolidation or bankruptcy.
Does debt consolidation affect your credit score?
Debt consolidation might have an impact on your credit score. For example, filing for bankruptcy will appear on your credit reports, lowering your credit score.
Furthermore, even if your creditor offered to reduce your interest rate in order to lessen your monthly payment, your credit scores would still be impacted.
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