Consolidating credit debit
Your credit utilization ratio is calculated by comparing how much available credit you have and how much you use each month.
Credit utilization accounts for 30% of your credit score.
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.
While eliminating or lowering your debt may help your credit score over time, debt consolidation is not typically used as a strategy to increase your credit score.