Personal Loan from NFCU / Navy Federal CU

[SLO805]

I keep getting offers. What affect will a 30k loan have on my credit scores? Id clear off about 12k card debt/utilization, which is at like ~15%, but will have the loan balance showing.

Is it worth it considering?

Will it be positive for my scores, immediately ? 

Appreciate the advice

[Anonymous]

There could be a few things that happen immediately. You might have a small dip in score because of the new inquiry, then another dip if your AAOA changes enough because of the new installment loan. Finally, if you pay off all your revolvers to 0% utilization and let it report that way, you will have another dip as you should allow 1-9% report each month.

Generally speaking paying off your higher interest cards with a lower interest loan makes sense in the long term.

You should get back all your points after a little bit of time paying on your new loan. You might even get a rise in score if you don't have any installment loans reporting on your CR.