Will a high interest rate consolidation loan improve my score enough to get a low interest rate loan?

If you’re paying on time with no derogatory remarks, I’d guess that your debt to income is just too high to get a better rate.

Don’t give up a lower rate for a higher rate consolidation loan - there is no guarantee you’ll get that even lower rate you’re after. Just keep paying your bills on time.

Generally, it is not recommended that you apply for higher rate loans to pay off debts, but if you have no other choice, that may result in a temporary hit to your credit. Applying for new loans and using it to pay for older ones would technically lower your average account age and shorten your credit history which may result in a lower credit score.

In the long run, if debt consolidation helps you make your finances more manageable, it can indeed help bring up your credit score. This means that the temporary initial hit on your credit score is worth the long-term benefits. This would only be the case assuming that this would help you pay all your debts on time and continue to do so in the future.