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Going through the end of the year numbers I'm strongly considering a Debt Consolidation loan. Curious if anyone here has an idea of where my score would be if I do. I'm currently at 77% utilization on 20 cards with a combined 45,000 out of 57,000 in CL. I'm looking at paying off 16,000 across 11 cards which would pay them all off, 6 are already at 0, 1 is a charge card and I would have 2 that would still have balances. Those two, one is at 97% and the other is at 81%. FICO 8 EX is currently 646.
Revolving credit util %'s hurts more than loan util %'s. In the begining of a loan yeah you'll take the usual new account and ect hits as we know. But the main reason. Interest is always lower if you get the right lender. So money is saved in the long run. Finances over FICO. But dont use the cards like it was before. Seen many here get the loan and charge things up again. JMO.
@EAJuggalo wrote:Going through the end of the year numbers I'm strongly considering a Debt Consolidation loan. Curious if anyone here has an idea of where my score would be if I do. I'm currently at 77% utilization on 20 cards with a combined 45,000 out of 57,000 in CL. I'm looking at paying off 16,000 across 11 cards which would pay them all off, 6 are already at 0, 1 is a charge card and I would have 2 that would still have balances. Those two, one is at 97% and the other is at 81%. FICO 8 EX is currently 646.
When the dust settles, your scores would be somewhat better.
I took the loan, accounts should start showing 0 today, starting with Chase. Score is starting at 663, I'll try to keep this updated with what happens as the lower amounts report.
Chase reporting off cycle for two of the three cards and my PenFed reporting below 50% brought me down to 69% Util and brought my score up to 668. My QS statement is scheduled to cut today, it currently has a negative balance but will probably cut with a $75 balance after interest is added.
@FireMedic1 wrote:Revolving credit util %'s hurts more than loan util %'s. In the begining of a loan yeah you'll take the usual new account and ect hits as we know. But the main reason. Interest is always lower if you get the right lender. So money is saved in the long run. Finances over FICO. But dont use the cards like it was before. Seen many here get the loan and charge things up again. JMO.
%100 this and was my issue as well. $25k to pay everything off 4-5 years ago and still managed to rack up debt, horrible timing with a few things out of my control but it is what it is. Then you'll have CC payments AND a loan. Not fun.
CapOne QS statement cut at $57. Score went up 12 points to 680. One big card left to report as paid. I'm guessing I'll end up somewhere around 700 until the loan reports, then I have no ida.
Last big balance reported 0, EX moved to 685. Overall UTI is still 53% so I'm not expecting much more until I can get that down. Maybe a few more points as accounts that had trailing interest report this month report 0 next month.
I'm curious where you got the loan from and the specifics. Many loans require the cards being consolidated to be closed, which depending on where the balances are, could possibly not help with utilization at all.
@Brian_Earl_Spilner wrote:I'm curious where you got the loan from and the specifics. Many loans require the cards being consolidated to be closed, which depending on where the balances are, could possibly not help with utilization at all.
+1