I recently tried to pay off a large amount of my debt without looking at the forums first (big mistake), I made large payments to three of my Citi credit cards and a week later I received a letter in the mail from Citi stating they reduced my credit limits the exact same amount of my payments ultimately keeping my credit utilization at the same level. I'm working to pay these down so I can refinance my home at a better rate but ended up not gaining a thing other than a lower debt load which in the long run is a good thing.
My question is this: If I take out a personal installment loan to pay these down further will that help my score? My thinking is that by opening an installment loan will increase my available credit and taking that money and reducing my cc debt would increase my utilization. I'm of course assuming that cc debt way more than installment?
Thoughts?? BTW, I have recently received a promotion at work so the affordability is not an issue, just need a quick fix to refinance before the rates start to climb to far.