Getting a loan to clear Credit Card Debt?

[Anonymous]

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?

[Tuscani]

Depends... what are you scores and util?

[Anonymous]

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

[SmartCookie]

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

[Anonymous]

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.

[SmartCookie]

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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.

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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.