With scores in the 500's, you must have some baddies AND maxed out cards? What are your current card, and how much of the total balance are you using on each?
While I have done consolidation loans before, inow discourage them unless you actually close the cards you are consolidating. The reason being that if you are in the position where you need a consolidation because your cards are maxed, leaving the cards open allows you to continue spending in the same way that got you in that position in the first place. Many people do this, and within a short time have maxed cards again AND a consolidation loan to pay off. I fell into that trap myself in my younger years!
What kind of rates are you being offered for the loans? Do you have extra money to throw at the credit cards to start paying them down?
Do you need to apply for a new lease soon, or do you have a year or two left?
While I have done consolidation loans before, inow discourage them unless you actually close the cards you are consolidating. The reason being that if you are in the position where you need a consolidation because your cards are maxed, leaving the cards open allows you to continue spending in the same way that got you in that position in the first place. Many people do this, and within a short time have maxed cards again AND a consolidation loan to pay off. I fell into that trap myself in my younger years!
What kind of rates are you being offered for the loans? Do you have extra money to throw at the credit cards to start paying them down?
Do you need to apply for a new lease soon, or do you have a year or two left?