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Improving Your Credit Score Through Debt Consolidation


In continuing the discussion of strategies to personally repair your credit score and credit report, it is wise to keep debt consolidation in the discussion. 

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. The reason why this method can be so effective is because if you have high balances on your credit cards and other revolving debt, consolidating these items into a new loan will allow you to pay off the revolving accounts and lower your debt utilization - both implications can mean a huge credit jump for you. 
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Another good reason to consider debt consolidation is that it allows you to pay off items that may be delinquent or in collections. Once you've paid them off, you can apply the tactics mentioned in the previous strategy lesson to remove those negative marks from your credit profile, thus further enhancing your score and profile. 

Debt Consolidation Options

The Lending Club
The Lending Club is one of the best sources for Debt Consolidation and Business Lending. They are a crowd funding company that bring together dozens or even hundreds of investors in aggregate to put up money that will be distributed to applicants that meet the credit standards. The investors then receive a return on their money when the borrowers begin repaying the loan. 

The Lending Club is a great resource for debt consolidation loans because they base a lot of their decision on the character of the applicant and look at the full picture rather than just approve or deny someone based on their credit score and report. Moreover, potential investors that decide to put forth money also get to reach out to applicants to learn more about them and to help sway their decision to fund your loan request. 

The application form is pretty simple and straight to the point and you will usually receive a decision within a few business days if not sooner. So, if you have high credit utilization, high balance revolving credit lines, or accounts in collections, a debt consolidation loan with the Lending Club may be a great way for you to pay off those debts all while significantly improving your credit score. 

Another option would be to apply for a loan at your bank. These are usually a bit harder to qualify for, but if you already have a great relationship with your bank, have no major bank related issues, and have a decent credit score, this option may be suitable for you. Not to mention that if you bank at a credit  union, you can expect lower interest rates compared to other available loans. 

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ClickBank is the retailer of products on this site. CLICKBANK® is a registered trademark of Click Sales, Inc., a Delaware corporation located at 917 S. Lusk Street, Suite 200, Boise Idaho, 83706, USA and used by permission. ClickBank's role as retailer does not constitute an endorsement, approval or review of these products or any claim, statement or opinion used in promotion of these products.

For privacy purposes, the author has chosen to use the pen name, 'David Cohen' and has executed strategies outlined in this program under a DBA using a variation of that pen name © Business Credit Blitz Copyright 2016 All Rights Reserved. 

The above statements are a representation of a vendor's experiences. Every effort has been made to accurately represent this product and its potential. Even though this industry is one of the few where one can write their own check in terms of earnings, there is no guarantee that you will earn any money using the techniques and ideas in these materials. Examples and testimonials in these materials are not to be interpreted as a promise or guarantee of earnings. Earning potential is entirely dependent on the person using our product, their ideas and techniques. This is a new service and as such there is no long-term history of earnings from its use. Visit the Guys Playbook for more money and finance tips.