Peer-to-peer lenders will let you check on rates without it impacting your credit score.
That's a good way to check on an interest rate amount.
In addition, they may take into account the payment on the new debt as well.
Even though your plan may be to use the new loan to pay off your other debts, and then pay the new loan off as fast as you can, the new lender is wondering what will happen if you consolidate and pay off your credit cards, and then run up new balances.
The lower the credit score, the higher the interest rate on the loan.
Lenders may consider your debt in a couple of ways: Debt to Available Credit: A prospective lender will no doubt request a credit score and the debt you carry is one of the main factors used in calculating credit scores.One option for home owners is to use equity in their homes as the basis for consolidation loans.In order to do this, your house needs to be worth significantly more than the remaining balance of loans against the property.Virtually all credit scoring models take into account the amount of your revolving balances in comparison to your available credit limits.The closer your balances get to your credit limits (known as “utilization”), the more this factor will hurt your scores.