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New Member
Posts: 1
Registered: ‎07-25-2007
0

Perosnal Loans

My situation is sort of unique. I got a few credit cards back in 2004, and a few months after getting them, I was hospitalized and not allowed to work for a few months due to a really troublesome pregnancy. This resulted in my newly established credit being destroyed. I recently signed up to myFICO, and have been taking steps to re-establish my credit. I have heard of people taking out personal loans to pay off debt and have one single monthly payment. Does anyone have any suggestions on what I should do? My scores thus far are 557 Trans, 531 Experian, and 500 Equifax. My credit card and medical debt is around $3500.00. 
Regular Contributor
Posts: 171
Registered: ‎05-18-2007
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Re: Perosnal Loans

You might also want to try a line of credit from your bank or credit union, although your rate will be high if you are approved, it probably will be lower than your credit card rates.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Perosnal Loans

Yes, there are several reasons why you would want to roll this debt into a personal loan...Personal loans will generally have lower interest than a CC.. also utilization (30% of your score) on installment accounts is calculated differently than revolving credit.
 
Have you read the Scoring 101 thread yet?
 
 

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