The short answer: No, and it may even help your credit score.
The long answer: In the short term, your credit score may dip because lenders may conduct hard pulls of your credit. This adds new inquiries to your credit file, which can cause credit scores to be temporarily lower.
It won’t take long for your score to rebound after this initial setback. Then, if you make your monthly payments toward your consolidation loan on time, your score may start to improve.
That’s what you can expect with a debt consolidation loan. With a debt consolidation program, you will still avoid negative credit report notations and will build a positive payment history. However, creditors will close your credit cards after you pay them off, which can drop your credit age.
This can temporarily decrease your score in certain cases, but only in the short term and your credit should rebound quickly.