Help consolidating credit card bills

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.Credit counseling organizations are typically non-profits that exist to advise people on how to manage their money and establish budgets.Sometimes, credit counselors work with you to develop a debt management plan and can also help you make your payments.Credit utilization accounts for 30% of your credit score.Imagine if you have one credit card with a limit of ,000.It is used as a method of reducing or eliminating debt.

Closing revolving credit accounts will increase your overall credit utilization ratio—which will impact your credit scores.Federal student loans can be consolidated through the Federal Direct Consolidation Loan Program.Your credit score is not considered for this program and borrowers that are up to date on their payments are eligible.This grace period is intended to give people extra time to settle any issues with insurance or to make a payment toward their debt.Depending on what type of student loans you have, there are various consolidation options available.

In the case of most medical debt, consolidation might not be the answer if you are hoping to save money on interest payments.