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Your credit scores can take a hit if you use all or most of the available credit on your cards.

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Almost all lenders require you to be 18 years or older and a legal U. resident with a verifiable bank account and not in bankruptcy or foreclosure.A higher score will qualify you for more loan opportunities, lower interest rates and better loan terms in the future. Several personal finance websites, including Nerd Wallet, offer a free credit score.Look for a site the offers educational tools such as a credit score simulator plus access to your credit report.With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.