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One main Financial Loan to consolidate credit cards affect on utilization and score?

slund5499
Established Contributor
‎11-17-2014 11:32 AM
‎11-17-2014 11:32 AM

One main Financial Loan to consolidate credit cards affect on utilization and score?

What impact would getting a consolidation load from One Main Financial due to fico scores and utilization?

In the garden since 02/1/23. Newest Account AU Discover It 10K
02/23 Scores; EQ 608 TU 642 EX 575 CCU: 20%, Inq. 2, 1, 2 Collections $39K
Lending Club: newest account 2/3/23. Old Fico 1/17 EQ 530 TU 542 EX 512

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DeadlyPersona
Frequent Contributor
‎11-17-2014 04:50 PM
‎11-17-2014 04:50 PM

Re: One main Financial Loan to consolidate credit cards affect on utilization and score?

I would suggest doing some thorough research on One Main Financial before you decide to get a loan with them.  I THOUGHT I did my research and THOUGHT they would be a good company to try for a small personal loan....I was wrong.  I would ONLY choose this company if you are in DESPERATE NEED!!!

 

For example:  My loan is only $3500 but if I make the payments on time for the length of the loan, I'll end up paying nearly double that due to the DAILY INTEREST they charge.  I've tried paying more then the monthly due and found that the majority goes towards the interest not the prinicpal.

 

I will try to pay this loan off ASAP and NEVER do business with them again.

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