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By rolling medical debt into a debt consolidation loan or by paying for it with a low-interest credit card, you would have to pay the interest on new account—which in some cases could be more than the original rate.
In 2017, the three major credit bureaus added a policy that gives consumers a 180-day grace period to resolve outstanding medical debt before it appears as past due on their credit reports.
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.
Debt consolidation has the potential to help or hurt your credit score—depending on which method you use and how diligent you are with your repayment plan.
The strategy is considered in situations where people want to streamline the repayment of multiple high-interest debt amounts—often with the hopes of saving money and lowering their debt burden.
Depending on what type of student loans you have, there are various consolidation options available.When you consolidate revolving debt—like credit card accounts—you also will be working toward reducing your utilization ratio—one of the most important factors in calculating your credit score.Your credit utilization ratio is calculated by comparing how much available credit you have and how much you use each month.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.
The main benefit of consolidating government-backed student loans is streamlining the payment process.