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.
