Transfer installment loan balance to CC?

[brcamacho]

I have a really bad installment loan high 20% range, and was wondering if there would be any downside to just paying it off on a CC?  The interest is half of what the loan is, it would take my util to 16% but im in the garden until late next year anyway.  Making the same installment loan payment i cut 13 months off and plan to make more when i can.

I just wanted the experts advise to see if there are any negitives im not thinking of.

Thanks

[user5387]

In general installment loan debt is better than CC debt in terms of credit scores, but your case may be an exception to the rule.

There's also a logistical issue here -- how do you plan to actually get money from the CC to pay off the installment loan?  Through a BT?

Also, can you do anything with the NFCU products you have to improve the situation?

[brcamacho]

My plan was to make an extra payment, using my NFCU Rewards card, and just pay the loan off.  I save on time and interest, plus i get the rewards points.  Or am i missing something? 

[enharu]

16% utilization is perfectly fine; lenders are not going to take AA against you solely because of that. If you are going to be saving on interests fees this way, just pay off the loan using your credit card then.

[brcamacho]

Yes i will be Paying of a loan at 27% that i took at a really rough time, with a card that is at 12.9%  So saving money and just a bit over a year in time as well.