Debt consolidation - Personal loan?

[Anonymous]

Hi all! My first post here... please feel free to move it if it's not the right section. 

Here's some background: I've decided 2020 is the year I will become debt-free. I wasn't very credit savvy in the past and wasn't managing my finances as well as I should have. I recently made some changes and I'm beginning to see some progress already! I started off the year with ~11k in CC debt and now down to ~5k. I've been way more aggressive with my payments and lowered my overall uti down to just about 20%, with 3 cards just under 30% each and the others are zero (trying to aim for azeo). I have about 8 credit cards/store cards, 2 student loans, 1 car loan, and 1 Self loan. I have 6 late payments on my student loans from back in 2016. They did a retroactive forebearance (in the process of trying to goodwill these) so since I have 2 loans it shows up as 12 late payments. I started off the year in the low 600s and just made it to 700! The highest my score has ever been 

I'm considering getting a personal loan to pay off the 5k I owe but not sure if it'll actually make a noticeable impact on my score right now.  I plan to continue paying 1k a month and hopefully be done by end of year. I was thinking if I continue making these payments as I have been that may help with my payment history ratio also.

Here's my question: Which would have the greatest positive impact to my score?  A) Get the loan, pay debt in full, direct 1k monthly payments to loan or B) no loan, continue making 1k payments? 

[AllZero]

Congratulations on your success thus far.

I think you are on the proper path. Stay on course. You have reduced your outstanding debt at a good rate. No need to add an additional installment account if not necessary.

[AllZero]

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[KLEXH25]

Since you will continue paying your cards down by $1k a month, then I wouldn't bother with the loan. You'll take a score hit when the loan reports, and you have other loans on your report that you don't need it for mix. Your scores will continue to rise as you get below each utilization threshold. 

[M_Smart007]

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@KLEXH25 wrote:

Since you will continue paying your cards down by $1k a month, then I wouldn't bother with the loan. You'll take a score hit when the loan reports, and you have other loans on your report that you don't need it for mix. Your scores will continue to rise as you get below each utilization threshold. 

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I agree on just paying things down, and forget the loan.

[Citylights18]

I'd recommend taking out a 0% APR BT card and sticking discretionary items on it.

It would increase your total CLI, reducing your utilization. Also free up more cash flow to knock the 5k debt out. Good opportunity to upgrade cards while you can.