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vr
New Member
Posts: 3
Registered: ‎06-05-2007
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Getting a loan to clear Credit Card Debt?

I am fairly new to credit, at a young age I build a fairly high balance on credit my credit cards. Would it increase my credit score if i obtained a personal loan to pay off my credit cards?
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Getting a loan to clear Credit Card Debt?

Depends... what are you scores and util?
vr
New Member
Posts: 3
Registered: ‎06-05-2007
0

Re: Getting a loan to clear Credit Card Debt?

My Score is currently at 649, my CC debt is at about 10k.
Valued Contributor
Posts: 2,010
Registered: ‎07-01-2007
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Re: Getting a loan to clear Credit Card Debt?

Probably but more details please.  How many cards and what are the balances and CLs on each?  
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
vr
New Member
Posts: 3
Registered: ‎06-05-2007
0

Re: Getting a loan to clear Credit Card Debt?

3 credit cards
 
bofa 7k limit , a little over 5k on the card
 
Capital 1   1k limit, 300 on the card
 
WAMU 5k limit, 4k on the card.
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Valued Contributor
Posts: 2,010
Registered: ‎07-01-2007
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Re: Getting a loan to clear Credit Card Debt?



vr wrote:
3 credit cards
 
bofa 7k limit , a little over 5k on the card
 
Capital 1   1k limit, 300 on the card
 
WAMU 5k limit, 4k on the card.



From a purely utilization standpoint, yep you'd do very well with getting those cards brought down.  Make sure you read the 'Start Here'  http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654
 
I'd still call BoA and WAMU today and try to nego a better rate while you think about a loan.  Cap1 won't do anything, though it never hurts to try.
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
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