If you must close certain credit accounts, close only the most recently opened.
This step also positively affects your credit score, but it does take time.
If you start using other credit card accounts, which is not recommended, pay the bills promptly to continually improve your score.
Debt consolidation won’t address the real problems that may sink your credit rating!
SEARCH RATES: If you’re considering a personal loan for debt consolidation, first check out the rates at
Debt consolidation programs usually consist of a loan to pay off the sum of your other debts.
It does not forgive your debt or even reduce it, but it does help you manage your debt by rolling it all into one monthly payment.
A better option may be to find a reputable non-profit credit counseling company near you that can enroll you in a debt management plan.
They can help you negotiate terms with your creditors and assist you with making sure payments continue to be made on time during any changes made to your payment schedule.
Lending institutions use these scores to determine your level of risk on a loan or line of credit.