Will consolidating my debt hurt my credit radioactive dating flaws

According to FICO, the company behind most of the credit scores used by lenders, consumers with high credit scores (e.g. Specifically, two-thirds of consumers with good credit carry less than ,500 in non-mortgage debt, and they use an average of 7% of their available credit on their credit cards.

That means that paying off debt—whether you use a consolidation loan or just put every penny you can toward your debt—will often improve your credit ratings in the long run.

However, you might not be taking action because you're worried about how debt consolidation will affect your credit score.

While there is no one-size-fits-all answer to how debt consolidation will affect a person's credit, there are some general rules of thumb you can use to get an idea of how your credit score will be affected.

Even though you’re making only one or two monthly payments, the counseling agency doesn’t actually pay off your creditors for you—it simply acts as a middle man to help you repay your debts and ensure that the creditors get the money they’re owed.

The factors that influence your credit score the most are your payment history and how much of your available credit you're using.

The factors that influence your score less include length of credit history, credit mix and new credit.

Your FICO credit score is calculated using the information on your credit report and a proprietary formula.

The formula uses five main categories to calculate your score, but some are weighted more than others.

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