How can I consolidate credit card debt, CC companies continuously lower limits every month, hurting my FICO score?

I have been paying multiple credit cards on time and not using them, but almost every month my limits are lowered on several of them and in turn my credit score is negatively affected. I want to consolidate all of my credit cards into one loan in order to have the credit cards paid off and never used again. This way I can not only improve my score tremendously in one step, but also only have the one payment to worry about.

The reasons given for lowering my limits are not related to my payment history with the credit cards, but are mainly based are past history which was cleared up and actually present on my credit when cards were issued. I'm a small business owner and this activity by the credit card companies is absolutely killing me personally and professionally.Is there anything I can do to get immediate results without further damage to my credit? Asked by lilcolletti 34 months ago Similar questions: consolidate credit card debt CC companies continuously lower limits month hurting FICO score Business > Financial Services.

Similar questions: consolidate credit card debt CC companies continuously lower limits month hurting FICO score.

This article gives good advise on how to consolidate credit card debt. Want to Consolidate Credit Card Debt? By Morgan Hamilton Learning how to consolidate credit card debt is one of the best things cardholders can do.

Consolidation is perfect for those who are looking to better their credit for the future. There are many advantages for cardholders who consolidate credit card debt. If you are thinking about consolidation, then there are a few things you should consider before doing so.

Use these tips as a guide while you consolidate your debt. Why Consolidate? There are several great reasons to consolidate credit card debt.

One of the best reasons is to get better rates. If you can get a better rate on a consolidation than you currently have, then there is no reason not to consolidate. Anytime you can consolidate credit card debt and save yourself money, you should.

Locate all of your interest rates from each card and write them on a list. Then note the new rate you would be given. If the new rate is lower than the average of the old rate, then to consolidate credit card debt would be profitable for you.

If there are cards that have a lower rate, then you don't have to include them in your consolidation. Another reason people love to consolidate credit card debt is to make their lives simple. By paying one bill, they can cut out a lot of stress and bill paying time.

You should probably not consolidate credit card debt for this reason alone however. You don't want to pay more in the long run just to cut out a few pieces of mail monthly. Consolidation also gives those in a credit card mess a chance to get out of it.By consolidating, they may be making lower monthly payments than they would be if they didn't consolidate credit card debt.

By closing out the other accounts, their credit may also be improved. Who To Turn To? When you want to consolidate credit card debt, you should turn to professionals.

There are many great credit card companies and banks that would love to help you with your request. Make sure you do your research so that when you consolidate credit card debt, you are certain you are making a decision that is profitable to you. Make sure there are no hidden fees that come with different consolidation plans.

Doing your research can help you save money for the future. Making The ChoiceIf you want to consolidate credit card debt, you should first look at all of your debt in detail. Once you know what you have, it will be easier to contact professionals to help you with your consolidation.

Don't be afraid to tell them you are shopping for the best deal. You should do yourself the honor of getting the best deal out there to making your consolidation as worthwhile as possible. Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards.

Get the information you are seeking now by visiting Consolidate Credit Card Debt Sources: http://ezinearticles.com/?Want-To-Consolidate-Credit-Card-Debt?&id=80580 .

You should go to a bank and discuss your debt consolidation options. You should go to a bank and discuss your debt consolidation options. There are some nice debt consolidation benefits in the Obama stimulus package, so you should have an easiest time consolidating your credit card debt.

Shop around to a bunch of banks to see which one will give you the lowest rate. Be sure not to close your existing credit card accounts, though. Closing accounts reduces the amount of credit in your name and it hurts your credit score.

Instead, keep them open and don't use them more than once a year (you may have to use them at least once a year to keep the credit card company from closing your account). Sources: It is my .

1 Concentrate on getting one of them paid off so it can be eliminated. As you pay down each one your credit worthiness should look better. Fair Issac has changed their algorithm on computing the score so there is no guarantee this will work.

But their goal was to provide a more meaningful score and this approach could demonstrate an attempt to control your debt. If I were designing the algorithm I would suspect that consolidation was an act of desperation and that you were expecting to start running up the credit cards again. That's what many people do and they are looking for a pattern of behavior.So my guess is that consolidation would worsen your score.

The banks are encountering a lot of defaults so they are lowering the limits on almost everyone. This user has been banned from Askville.

1 Concentrate on getting one of them paid off so it can be eliminated. As you pay down each one your credit worthiness should look better. Fair Issac has changed their algorithm on computing the score so there is no guarantee this will work.

But their goal was to provide a more meaningful score and this approach could demonstrate an attempt to control your debt. If I were designing the algorithm I would suspect that consolidation was an act of desperation and that you were expecting to start running up the credit cards again. That's what many people do and they are looking for a pattern of behavior.So my guess is that consolidation would worsen your score.

The banks are encountering a lot of defaults so they are lowering the limits on almost everyone.

Concentrate on getting one of them paid off so it can be eliminated. As you pay down each one your credit worthiness should look better. Fair Issac has changed their algorithm on computing the score so there is no guarantee this will work.

But their goal was to provide a more meaningful score and this approach could demonstrate an attempt to control your debt. If I were designing the algorithm I would suspect that consolidation was an act of desperation and that you were expecting to start running up the credit cards again. That's what many people do and they are looking for a pattern of behavior.So my guess is that consolidation would worsen your score.

The banks are encountering a lot of defaults so they are lowering the limits on almost everyone.

2 I did not have a very good experience with those debt consolidation companies you see on TV or on the net. Be wary at least. I would never use one of them again.

I did not have a very good experience with those debt consolidation companies you see on TV or on the net. Be wary at least. I would never use one of them again.

3 Might as well tell you, as embarrassing as it might be, I lost my job, all my credit cards went kaput. Chase is suing me and they bought my bank too (WaMu) and I am just waiting for them to close my accounts. I'm one happy camper right about now.

I live in Michigan (not where my profile says).

Might as well tell you, as embarrassing as it might be, I lost my job, all my credit cards went kaput. Chase is suing me and they bought my bank too (WaMu) and I am just waiting for them to close my accounts. I'm one happy camper right about now.

I live in Michigan (not where my profile says).

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.