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Help needed for consolidation loan

Established Member

Help needed for consolidation loan

 

 

Facts:  EQ 563, EX 571, TU unknown.

BOA  card CL $10,500 Balance: $$5,500 Status: Acct closed by creditor

FIA Cardservices:  CL $7,800, Balance: $7,300 Status: Active Acct

Student Loan (Joint Acct.) Balance: $72,000

 

13 year credit history, 34 late payments on credit report. - all in the last 2 years (another story)

Oldest history 1994, all the late payments: 30, 60, and 90 day in last 2 years, latest report May 07.

 

My question is; do you think if I were to get a consolidation loan from my bank for the 2 above cards, and leave the FIA card open, will it help my score.  I see it this way; I show a card that is closed by the creditor with a $5,500 balance, which I presume is not good. by moving the money I have created a different type of loan (installment vs revolving), reduced a card that is “closed by creditor” from a $5,500 balance to $0, and the utilization on the FIA card will be very low (if I leave a minimal amount on it in the consolidation).

 

I guess what I am looking for is; given my history do you think this move could help me, hurt me, or have no effect.  Thank you for any information.
Message 1 of 5
4 REPLIES
Established Member

Re: Help needed for consolidation loan

I should add that I am a 1st time poster, long time lurker.  I can’t find this particular twist on things in the other threads so I hope that one of the super contributors might offer some desperately needed advice…
Message 2 of 5
Moderator Emeritus

Re: Help needed for consolidation loan

On the CBCG account what is the APR?

 

ToBeFree wrote:
I should add that I am a 1st time poster, long time lurker.  I can’t find this particular twist on things in the other threads so I hope that one of the super contributors might offer some desperately needed advice…



Message 3 of 5
Established Member

Re: Help needed for consolidation loan

I do not know what the rate is, I have not gone that far yet. But for the sake of this discussion let's say it is 15%, or at least less than the 20+ rates on the two cards.
Message 4 of 5
Highlighted
Established Member

Re: Help needed for consolidation loan

BUMP
Message 5 of 5