How to get out of credit card debt

[donkort]

Hi Everyone,

I've been the recipient of great advice from everyone here--and I thank you all.

Here is my situation:

I'm in credit card debt to the amount of around $20,000.  I'm going to bring that down to around $15,000 within a month.  Is there any way I could obtain a personal loan for, say, $10,000 more, thereby bringing the debt down to $5,000, without it affecting my FICO score too much?  It is now:  TU - 681; EQ - 689 (both via MyFico).  My EX "plus score" is 681.

Thanks for any responses.

[MarineVietVet]

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@donkort wrote:

Hi Everyone,

I've been the recipient of great advice from everyone here--and I thank you all.

Here is my situation:

I'm in credit card debt to the amount of around $20,000.  I'm going to bring that down to around $15,000 within a month.  Is there any way I could obtain a personal loan for, say, $10,000 more, thereby bringing the debt down to $5,000, without it affecting my FICO score too much?  It is now:  TU - 681; EQ - 689 (both via MyFico).  My EX "plus score" is 681.

Thanks for any responses.

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If you haven't had any new applications lately then one inquiry and one new loan shouldn't affect you too badly. But I don't know what else you might have on your reports.

You also need to compare the rates on the cards vs. possible rates on a personal loan.

Just my 2 cents.

[donkort]

I recently closed on a co-op - mortgage was $95,000.  It hasn't reported yet.  I had quite a few recent inquiries resulting from the mortgage process, plus two credit card applications (1 approved, one rejected).  I'm thinking of going through the Municipal Credit Union.

[Jazzzy]

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@donkort wrote:

I recently closed on a co-op - mortgage was $95,000.  It hasn't reported yet.  I had quite a few recent inquiries resulting from the mortgage process, plus two credit card applications (1 approved, one rejected).  I'm thinking of going through the Municipal Credit Union.

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Talk to the credit union, ask rates, etc. The effect on your score would be for an inquiry, for having a new account, and for lowering your AAoA.

If you can reduce your interest rate and not run the cards back up, it could be a good move for you.