topic Re: Getting a loan to clear Credit Card Debt? in General Credit Topics

Getting a loan to clear Credit Card Debt?

Anonymous — Thu, 05 Jul 2007 18:32:26 GMT

I am fairly new to credit, at a young age I build a fairly high balance on credit my credit cards. Would it increase my credit score if i obtained a personal loan to pay off my credit cards?

Re: Getting a loan to clear Credit Card Debt?

Tuscani — Thu, 05 Jul 2007 19:13:38 GMT

Depends... what are you scores and util?

Re: Getting a loan to clear Credit Card Debt?

Anonymous — Thu, 05 Jul 2007 20:12:22 GMT

My Score is currently at 649, my CC debt is at about 10k.

Re: Getting a loan to clear Credit Card Debt?

SmartCookie — Thu, 05 Jul 2007 20:25:24 GMT

Probably but more details please. How many cards and what are the balances and CLs on each?

Re: Getting a loan to clear Credit Card Debt?

Anonymous — Thu, 05 Jul 2007 20:47:53 GMT

3 credit cards

bofa 7k limit , a little over 5k on the card

Capital 1 1k limit, 300 on the card

WAMU 5k limit, 4k on the card.

Re: Getting a loan to clear Credit Card Debt?

SmartCookie — Thu, 05 Jul 2007 21:21:29 GMT

vr wrote:
3 credit cards

bofa 7k limit , a little over 5k on the card

Capital 1 1k limit, 300 on the card

WAMU 5k limit, 4k on the card.

From a purely utilization standpoint, yep you'd do very well with getting those cards brought down. Make sure you read the 'Start Here' http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

I'd still call BoA and WAMU today and try to nego a better rate while you think about a loan. Cap1 won't do anything, though it never hurts to try.