Hi {first_name},
This will be the last email in this series about your Payment History.
You can try getting a consolidation loan.
We’ll give you a little caution at the end here, but this can be really helpful. A consolidation loan is one where you take some or all of your debts and roll them into one larger loan. This can help in a few ways.
If you pay off, or down your credit cards, which typically will have a higher interest rate than a consolidation loan, you will have a lower Credit Utilization Ratio (CUR).
(We will be discussing the CUR in the next series of emails. Just know that this can also help bring your scores up.) While you’ll have the same amount owed, your CUR will be lower because you will free up available credit on your revolving credit accounts.
This will usually also lower your monthly payments due to a longer payment term.
This could possibly also let you catch up on payments you may have missed so you will now be current and paying on time. That will eventually improve your Payment History.
Now to the caution we mentioned above. Sometimes you will be tempted to use those cards now that they are paid down. Don’t fall into this trap. This will only put you further in debt and make the situation that you’re attempting to fix worse.
We’re done with the Payment History series and next we’ll be covering the second most powerful tool to lower your credit score, CUR or Credit Utilization Ratio.
You’re going to want to pay attention to these! Coming soon!
Sincerely,
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