Consolidating my debt

Although debt management plans do not appear on your credit reports, credit counselors may sometimes require that you close your other credit accounts to ensure you don't spend outside of your repayment plan.Closing revolving credit accounts will increase your overall credit utilization ratio—which will impact your credit scores.In the case of most medical debt, consolidation might not be the answer if you are hoping to save money on interest payments.

It is also important to know whether you are working with a credit counselor from a not-for-profit organization, or if you are working with a for-profit debt settlement/consolidation firm.Credit utilization accounts for 30% of your credit score.Imagine if you have one credit card with a limit of ,000.Payment history is the most important factor in calculating your credit score—accounting for 35% of your FICOWith a debt consolidation loan, it is important to first know what range your credit score falls into.For people with a "poor" credit score it may be difficult to get approved for a new loan to use for consolidation.

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If the balance on that card is $5,000, your credit utilization ratio is 50%.

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