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One of the best things a credit card holder can do is to learn how to consolidate credit card debt. If you are trying to raise your credit score, a debt consolidation loan is the first step in the right direction. If you do decide to consolidate credit card debt, you might find yourself with better rates than what you had before. If you need to know what things should be considered before applying for a consolidation loan, read the tips that follow.

Why should I consolidate?

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Chances are if you’re reading this article you or someone you know has had credit issues in the past or are plagued by bad credit right now. There are many reasons for you to make credit repair an immediate priority in your life. There are also many reasons that you might hesitate. Most people don’t even know where to start or that it’s even possible to repair your credit.

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Some banks are eliminating the standard 25 or 30-day grace period within which you may pay your bill within being charged interest. This is the normal grace period before interest kicks in. But this is slowly changing. For example, some banks are offering extremely low fixed rates, but without a grace period. These cards will charge you interest from the date it processes your charge slip.

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There is a tremendous amount of information on your credit report, but what most lenders focus on now is what’s called the FICO score (Actually, there are 3 FICO scores, one from each repository. We generally use the middle score). The FICO score is a computer model that weighs the overall risk in your credit profile. The idea behind scoring is that they measure the likelihood of a customer’s defaulting on a loan.

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