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I am hoping that someone can help- I have about 14,000 in credit debt that I'd like to pay off in order to increase my credit scores (trying to buy a new home). I was offered a personal loan that could pay them off- how will taking out a personal loan from lending club affect my score if I'm using the funds to pay off credit cards?
@Anonymous wrote:I am hoping that someone can help- I have about 14,000 in credit debt that I'd like to pay off in order to increase my credit scores (trying to buy a new home). I was offered a personal loan that could pay them off- how will taking out a personal loan from lending club affect my score if I'm using the funds to pay off credit cards?
It will likely help your scores by improving your utilization, but many times it's advised not to take on any new debt when you're about to apply for a mortgage.
It's my belief that people are in dangerous financial territory when they need to do this. If your CC balances are tanking your scores, it's because they are a problem.
I moved various things around on lousy high interest personal loans only to have my CCs ran back up again shortly after plus the loan I thought would fix things.
Good luck actually getting their "pre-approved" offer!
Companies always send out mailers with the same "you're pre-approved" with a bunch of fine print. They don't tell you that it takes a pristine credit score, no debt, and a huge income to actually get their "up to" ammounts.
I'm in the same boat. Could use a similar sized loan to pay off high interest CC debt and have an installment loan reporting, but that's only for people who don't need it.