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For people using a debt management plan for consolidation, it is important to fully understand your agreement with your credit counselor.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.The main benefit of consolidating government-backed student loans is streamlining the payment process.The interest rate for your new consolidated loan will be based on what your past interest rates were and will most likely not be lower.
It is commonly recommended to keep your credit utilization under 30%.
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.
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.
Knowing your credit score before you apply for debt consolidation loans will help you choose the right loan and avoid incurring multiple hard inquiries in a short period of time.
In the case of most medical debt, consolidation might not be the answer if you are hoping to save money on interest payments.