Wise or not wise for score increase?????

[Anonymous]

I currently am at a 38% Util. with Fico and a total of $7,147 CC Debt. I called Alliant CU today and asked for a $7147 Personal Loan to pay all my Credit Cards in Full. No questions asked I was told check would be sent regular mail and will go out today. My score is curently at 632 Fico. Will i get a good score increase by doing this even thought I will have a new installment account opening.... 

[shyboy]

You should see a score increase because the number of accounts with a balance will be lower but you never know.

[athensguy]

You should see a score increase. Going from 38% to under 10% might net you 20 or 30 points even. The hard to calculate part is what the INQ and change in average age will do. It may also give you a bump if you don't have any other installment loans.

[llecs]

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athensguy wrote:
You should see a score increase. Going from 38% to under 10% might net you 20 or 30 points even. The hard to calculate part is what the INQ and change in average age will do. It may also give you a bump if you don't have any other installment loans.

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Ditto. I'd guess though a single-digit increase because of the hit for the new credit and inquiry. Then you might see a 20+ point gain over the next few months as the damage from the loan wears off.