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The minimum credit score required varies from lender to lender, the average tends to fall between 600 and 700.

Just like any regular loan, the same day loan also has an impact on the credit score. As the term of the loan is pretty short, the repayment schedules are stringent and defaulting in even a single loan repayment schedule can be reported negatively on your credit report. Further, failure to complete the repayment schedule or pay the final amount owe

The way debt consolidation affects credit depends on the various options to choose. If you consolidate by taking a consumer loan to pay off your credit cards, your utilization ratio could go down, causing your score to go up.

Credit score plays a key role when one want to apply for a low interest or zero percent balance transfer credit card to consolidate debt. The rating reflects ability to repay debt.

It is not easy to fix a bad credit score, as serious payment information stays on the credit history for 7 to 10 years. The impact of information lessens slowly over time as positive information such as regular payment history and low utilization percentage accumulate in ones credit history. Inquiring for credit too many times will reduce the credi

Installment loans do affect the credit score and lower balance of installment loans helps to improve the credit score, although this may take substantial time.