Credit Card Center Advertiser Disclosure

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

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
0 Kudos

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 Kudos

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?

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.