Credit Card Debt Consolidation To Improve Credit

By consolidating debt or paying off credit cards, you may improve your credit score. Getting into the habit of responsible, on-time payments can help you get on the right path towards handling credit properly and improving your credit. Paying loans and credit card accounts on time can improve your credit profile and credit score. When you are working towards improving your credit score, a title loan can bridge the gap in times of need when cash is needed quickly.

Benefits of consolidating your debts

Instead of making multiple payments to various creditors, consolidating debt means that you’ll make only one payment to a debt consolidator who is a lender specializing in creating a new loan that consolidates multiple loans into one. There are many Debt Consolidation Options. Although debt consolidation won’t instantly raise your credit score, it could help you to effectively manage your debt and reduce your total debt successfully over time.

Note: Debt consolidation simply transfers the debt to a new lender and new loan. You will still have debt. Consolidated loans usually have a longer repayment period that will lower your monthly payment because it stretches that payment over more time. However, interest on that may actually increase the total amount you repay at the end of the loan. You can always pay off the loan faster by making more than the minimum monthly payment.

Other Consolidation Options:

Credit Card balance Transfer: Rolling a number of higher-interest loans and debt, into a lower-interest credit card, usually preset for the introductory period. You may be able to find multiple cards to do this over time.

Home Equity: If you own your home, you can leverage your available home equity to consolidate any kind of debt. Getting a consolidation loan in the form of a new Home Equity loan or line of credit can be a smart way to manage your money, using an asset as collateral to reduce lender risk and lower interest rates.

  • * Maximum loan amount in Illinois is $4,000. Maximum loan amount in Mississippi is $2,500. Maximum loan amount in Tennessee is $6,500, assuming customer qualifies and accepts both the Pledge and Line of Credit. Minimum loan amount in California is $2,600.
  • ** Car title loans may require a credit check in California. Motorcycle title loan and pawn approval requires satisfaction of all loan eligibility requirements including a vehicle evaluation and a credit check.
  • *** To be approved for a title loan or pawn, you must be at least 18 years of age (19 in Alabama). Account approval requires satisfaction of all eligibility requirements, including a possible credit inquiry, and a motor vehicle appraisal. Certain other terms and conditions apply.
  • † Proof of income is required in Illinois, Nevada, some Texas locations, and California. In California you are also required to provide proof of residency, and a valid vehicle registration to obtain a loan.
  • ‡ Signature and personal loans are offered by an affiliate of TitleMax® and are currently only available in Florida. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.
  • § Refinancing of a competitor’s title loan is not available in Mississippi or Virginia. In Illinois, you are required to have reduced your original principal balance by 20% before refinancing. TitleMax®, TitleBucks®, and InstaLoan®, are not considered competitors. Please see a store associate for details.
  • - TitleMax of Virginia, Inc. d/b/a TitleMax® is licensed by the Virginia State Corporation Commission, license number VTL-11.
  • - In Texas, TitleMax® acts as a Credit Services Organization to assist customers in obtaining a loan through an unaffiliated third party lender. Please see store associate for details. Please see Texas Schedule of All Fees.
  • - In GA, TitleMax® offers Title Pawns.
  • - In CA, Loans are made by TitleMax of California, Inc., California Finance Lenders Law License No. 603K014.
  • - New Mexico Consumers: please see important New Mexico Consumer Information and Disclosures.