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A bigger mistake is missing a payment on your consolidation loan.

This could lead to a larger decrease in your score, as payment history is the largest factor in determining your credit score.

This leaves you with one monthly payment to manage and, if you do it right, a lower interest rate." data-reactid="27"If you're up to your neck in debt, consolidating your debts you owe into one loan may seem logical.

You use the proceeds of either a personal loan or a balance transfer credit card to pay off your existing debts.

Another reason to hold off on consolidation is if you know you don't have your financial life in order.

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.

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

You'll also want to avoid running up a balance on your freshly paid-off cards.

If you can't pay off the balances in full, your credit utilization ratio may creep up again and hurt your score.

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