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Imagine if you have one credit card with a limit of ,000.
If the balance on that card is ,000, your credit utilization ratio is 50%.
For people with a "poor" credit score it may be difficult to get approved for a new loan to use for consolidation.
People with "fair" to "exceptional" credit scores will have an easier time getting approved for a new loan, and will also be eligible for a lower interest rate.
You can use the tools in the What Type of Loan Do I Have section to help you figure this out.
Once you know what type of loan you have, you can start figuring out how to deal with your individual circumstances.
Credit counseling organizations typically make the agreed-upon debt payments for you each month, and so the responsibility is on them to make sure they pay each bill on time.
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.
It is used as a method of reducing or eliminating debt.
There are other excellent resources if you are planning for college and thinking about how to pay for it.