I was just informed that I was approved for a consolidation loan through Capital One (miracles do happen apparently...) for an interest rate of %16.74 for a term of 36 months. I know that isn't a phenomenal rate, but it is certainly lower than the %22-%30 range I'm currently paying on the cards that I am about to pay off. Also, it's a definite payoff term whereas just paying the cards is not written in stone. I can also take chunks out when I come across extra cash, rather than having to choose a card, then having the CC raise my interest for being good. (Which seems to be the trend lately.)
The big question is, will this raise my score, lower it, or keep it the same? Essentially, all I'm doing is shifting the debt around, but could it still be beneficial? I am currently at 664 through EQ. I would like to pay this down considerably over the next 6 months, then go get a car before I drop my transmission on the BQE doing 65...
Thanks in advance! 
If you're shifting debt from revolving to installment (which you are), leaving very low or 0% util on the cards, then this should help your score a lot. And you're right, the discipline of having to make that fixed monthly payment will be good practice.
* warning: maternal clucking coming! *
I know you know this, but please be ever-so-careful about not allowing a penny of CC debt to return! It is so, so easy to allow this to happen, and then people have a monthly loan payment and the CC payments. Your best bet will to be to only use plastic for things that you would have to buy with cash, like gas and groceries. Even then, studies have shown that people spend more on groceries when they shop with plastic than cash.
OK, butting out now.
Sorry, it's a moderator thing --we add general comments like this for all the other newer members who read this and haven't thought through the potential pitfalls.
And good luck with the tranny!
* warning: maternal clucking coming! *
I know you know this, but please be ever-so-careful about not allowing a penny of CC debt to return! It is so, so easy to allow this to happen, and then people have a monthly loan payment and the CC payments. Your best bet will to be to only use plastic for things that you would have to buy with cash, like gas and groceries. Even then, studies have shown that people spend more on groceries when they shop with plastic than cash.
OK, butting out now.
Sorry, it's a moderator thing --we add general comments like this for all the other newer members who read this and haven't thought through the potential pitfalls.And good luck with the tranny!
I hear what you're saying about not running up the cards again. When I came home from the bank signing the paperwork, I threw all but my Visa in the shredder. I'm going to hold onto the Visa for those special occaisions where I go to my school to un-necessarily pay my tuition (They gave me TAP and didn't tell me) and get towed...NYC is such a joy! Anyway...I've gotten into enough trouble to learn my lesson, and I'm glad I learned it early enough where I can keep my future straight.
As for using a CC for groceries and gas, I don't think it would be a good idea for me. I would probably spend too much, and there's really no reason. My bank card is a Visa, and I get rewards through my CU, which is awesome.
In other news, I got a Score Watch alert since I posted this. My score dropped 7 points, and there's no alert. I'm not going to worry too much. I'm going to wait and see how the new account, inquiry, and lower util% hit me in the next 2-3 months or so. I figure that's about how long it will take for everything to catch up.
Thanks again for the input! (BTW-My mother isn't as nice...lol)