Higher scores help

[dborun200]

Have 17k total in credit debt and pay 835 monthly on them. Also have 2 installment loans 19k total and pay 890 monthly total together.

I have a loan thru my work for 19500 at 200mo which dont go on credit. 

Thinking of getting a SoFi loan for 28500 to pay off my work loan which will leave me with 9k SoFi and redo my work loan to get me a total 27k back for total of 36k. Then paying off the 2 installment loans(19k) and paying down credit cards (13k of it). Will that be a bad idea? SoFi loan would be about 660month.

[CaneVariant]

What are the APR's and fees?

[FicoMike0]

So, total debt is $55,500.

You're going to refi with a $28.500 sofi loan, 5 years?

And another work loan for $27000,

Leaving $4000 in cc debt.

I would think the cc accounts would be the highest interest, might be better to pif and leave part of one of the installment loans. The work loan is low interest?

[dborun200]

Can remember work loan interest but it's low and don't report to bureaus. So SoFi 28.500 I can use it to pay off work loan of 19.500 and retake out work loan of 27k so I'll have total of 37k with the remaining SoFi. Then pay off what I need with that? SoFi will be the only installment loan.

[SouthJamaica]

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@dborun200 wrote:

Have 17k total in credit debt and pay 835 monthly on them. Also have 2 installment loans 19k total and pay 890 monthly total together.

I have a loan thru my work for 19500 at 200mo which dont go on credit. 

Thinking of getting a SoFi loan for 28500 to pay off my work loan which will leave me with 9k SoFi and redo my work loan to get me a total 27k back for total of 36k. Then paying off the 2 installment loans(19k) and paying down credit cards (13k of it). Will that be a bad idea? SoFi loan would be about 660month.

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In order to give you an opinion we would need to know the interest rates.

[FicoMike0]

I'll just add, if saving on iterest allows you to stretch out the loan, don't do it! Get this monkey off your back before something else comes along.

[AndySoCal]

@dborun200  What type of loan are considering with Sofi and what is the rate? What are rates on the loans you do have now? Ideally you would want aim the proceeds at your highest rate loans.  The difference in what you paying and what you pay with the loan can be used to further pay down debt. Before you commit to Sofi I would check a local crecit union. Here is one that you can pre qualify with to see your rate.

https://www.penfed.org/personal-loans/debt-consolidation 

This one example i sure there are others

Do your research before committing to anything.

[dborun200]

Do I need to be a member already at penfed?

[AndySoCal]

Yes but you should be able to use the pre-qualify tool without membership

[AndySoCal]

@dborun200  If you want a credit union near you. Search credit union near use zip code or city amd state. Check the results for additional possibilities.