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Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@Anonymous wrote:
I have $10,757.94 on a cc with a max of 12,500. 0 on another card with a max of 1,100. And 0 on another one with a max of $700. Interest rate on the cc with a balance is 18%. The interest rate on the consolidation was around 24. The reason I am considering is to raise my credit score while allowing myself to save up more money.
18% vs 24% doesn't sound like a good deal. You may see a small boost in score, but you'll still have a balance that you will pay more in interest on. Basically spending money on a few score points. Personally, I wouldn't do it, considering your card has the lower interest rate.