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Credit Card Debt vs. Personnel Loan Debt

New Contributor

Credit Card Debt vs. Personnel Loan Debt

I just took out a personal loan to pay off my credit cards.  Which option on the fico simulator will best represendt what my credit score increase will look like,  the one that pays off all my cc debt or the one that say's "open and get approved for new credit card and consolidate"?
 
Please HELP!
3 REPLIES
Established Contributor

Re: Credit Card Debt vs. Personnel Loan Debt

the one that says pay off all CC debt.
The loan is an installment loan and its effect on your score is not as great as with revolving debt.
New Contributor

Re: Credit Card Debt vs. Personnel Loan Debt

YES!!!!!!! Woo Hoo!!
 
 That buts me in pretty darn near the 700 club.
 
Thanks!
Established Contributor

Re: Credit Card Debt vs. Personnel Loan Debt

well Amen to that!
 
Congrats!