 TITLE: Step-by-Step Checklist to Getting a Consolidation Loan CONTENT: After Your Loan Is Approved\n---------------------------\n*   If the lender sends the loan money directly to your creditors, keep making minimum payments until you're sure the money has been applied to your balances.\n*   After you pay off your credit card, keep the account open and only use it for small purchases you pay off every month. This will help keep your credit utilization ratio low and can improve your credit score.\n*   Set up free credit monitoring to watch how paying down debt affects your credit score.\nWhat to Do if Your Loan Application Is Denied\n---------------------------------------------\n*   If you were denied despite relatively good credit, try applying for a smaller loan amount or with a lender whose credit requirements are more flexible.\n*   Use the debt avalanche or debt snowball method to pay off high-interest credit card balances. You may pay more interest than you would with a personal loan, but you'll have a plan you commit to to pay off your debt.\n*   Make a budget to get your spending under control.\n*   Consult a credit counseling agency to get advice and help paying down debt or possibly try using a debt management plan (DMP). END